Pune-based startup Squats acquires minority stake in Fitato

NEW DELHI: Squats Fitness Pvt. Ltd. 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.

In a statement, Squats founder Jitendra Chouksey said, “This collaboration with Fitato will allow our members to have universal access to a gyms and fitness studios at a fixed monthly fee.” It claimed that their app, Fittr, has been downloaded over 400,000 times. Squats was recently selected for Y Combinator, a US-based startup accelerator that has helped companies line Airbnb, Cleartax, Dropbox and others step up business operations.

Fitato has been in business for the last three years and have seen a revenue run rate of $1 million. The company 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.