SQUATS Fitness Pvt Ltd, a Pune-based online fitness startup backed by Bollywood actor Suniel Shetty, has acquired a minority stake in Fitato for an undisclosed sum. The fund raising is part of Fitato’s ongoing pre-series A round, which closes this month.
Fitato is an app that allows users to access any gym of their choice across any city without paying annual membership fees.
“This strategic collaboration with Fitato will allow our community members to have universal access to a plethora of gyms and fitness studios at a fixed monthly fee. Fitato’s umbrella brand has over 650 partners in its network, with this alliance, the SQUATS community of 520,000 members will get access to customised packages that have been specially designed for them,” SQUATS Founder Jitendra Chouksey said in a statement.
SQUATS’s app Fittr has been downloaded more than 4 lakh times.
Fitato, a company founded in 2019, had recorded a revenue run rate of $1 million in this year. It 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.