Fittr acquires minority stake in social networking startup Wylo
Community driven fitness brand Fittr on Thursday announced that it has acquired a minority stake in Wylo, an interest-based social networking platform based out of Chennai.
Speaking on the announcement, Jitendra Chouksey, Founder and CEO, Fittr said, “We are excited to partner with the team at Wylo, as we share a common vision of building community-led platforms. Wylo addresses people’s evolving needs for tailored and targeted social networks, which piqued our interest."
Over the years, Fittr claims to have built a 2.5 million-strong community with a focus on democratising fitness.
It provides free access to diet and training tools, over 5,000 healthy recipes, live fitness sessions with experts, Q&A with coaches, and connects users to a community of fitness experts and enthusiasts.
The startup currently has 350,000 plus monthly active users (MAU). In addition to Wylo, Fittr has a minority stake in gym aggregator platform Fitato.
Jitendra Chouksey, Founder and CEO, Fittr
"We believe that the product is well-positioned to capture the growth opportunities and deliver maximum value to its users. While doing so, Wylo will enable us to expand our reach across different interest segments," added Jitendra.
Founded in 2019 by Omnath Premnath, Wylo leverages the interest shared by users to offer the most relevant content and networking possibilities.
Commenting on the investment, Omnath said,
"Most people are unable to follow their interests and passion usually due to lack of exposure on different topics and relevant networking. Upon research, we understood a need for a platform where people can make like-minded connections while exploring their interests. That is why we developed Wylo."
The app, which claims to be clocking a monthly user growth rate of 30 percent, has over 130 communities.
Going forward, it is looking to scale this number to 300 plus by 2022, along with half a million users, the official release stated.
"Right from the beginning, our focus has always been on attracting quality users and building purposeful communities across different interests. Through our association with Fittr, we look forward to making the most of their rich community-building expertise and focus on enhancing the product, user experience, and building exciting new features for a larger set of users," added Omnath.