SQUATS Fitness Pvt. Ltd., India’s fastest growing online fitness startup, has announced that they have picked up a minority stake in Fitato, an app that allows users to access any gym of their choice across the city without paying for hefty annual memberships.
Speaking on the deal, SQUATS Founder Jitendra Chouksey said “This strategic collaboration with Fitato will allow our community members to have universal access to a plethora of gyms & fitness studios at a fixed monthly fee. Fitato’s umbrella brand has over 650 partners in their network, with this alliance, the SQUATS community of 520,000 members will get access to customized packages that have been specially designed for them.”
SQUATS has an app of their own – Fittr – that has been downloaded over 400,000 times and is one of the highest-rated free fitness apps. Its Facebook community is the world’s largest online fitness community and has been growing at a rapid pace. SQUATS was recently in the news when they were one of the few Indian startups to be selected for Y Combinator, a US-based startup accelerator that has helped companies such as Airbnb, Cleartax, Dropbox and others step up business operations and realize their vision.
Fitato has been in business for the last three years. According to the company, in 2019, they have seen a revenue run rate of $1 million. The team claims to be clocking an 80-per cent growth each quarter for the past two years, and a 45-per cent retention rate. The team had raised $120,000 in seed funding in late 2015 and was also selected to be a part of the FB-Start programme in 2017, an initiative by Facebook for early-stage mobile startups. The fundraising is part of Fitato’s ongoing pre-series A round which closes this month.
About FITTR & SQUATS
Fittr has recorded over 100,000 fitness transformations and continues to do so for its highly-engaged community of 5, 20,000 members who support each other’s goals and inspire those around them. The FITTR app has received more than 4, 00,000 downloads since September 2018, thus furthering its vision of impacting lives by providing people with the professional knowledge they need to achieve their fitness and health goals. The platform, with its focus on preventive health, implements a distinctive approach in helping its members adopt a healthy lifestyle. Fittr provides them with everything from the right knowledge to community support, mentorship and guidance by its team of 190+ consultants at each and every step.
Headquartered in Pune, SQUATS was launched in January 2016 as a community on Facebook to address the challenges in the fitness industry where misinformation, distrust, unsatisfactory results, quick-fix solutions, and fad diets are ruining the industry’s reputation. SQUATS has been profitable since its inception. Suniel Shetty, one of India’s top fitness icons, has recently become a part of the company. The company, with its focus on preventive health, implements a distinctive approach in helping its members adopt a healthy lifestyle.