SQUATS Fitness, 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.
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.
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.