MUMBAI: Bollywood actor and producer Suniel Shetty has picked up minority stake in Pune-based online fitness community Squats, at a valuation of Rs 350 crore.
Launched in January 2016 as a community on Facebook to address the challenges in the fitness industry, Squats now claims of over 70,000 fitness transformations, and a highly-engaged community of 500,000 members. Its mobile app, Fittr, has received more than 200,000 downloads since September 2018, and the company says its cumulative revenues over the years have touched $8.5 million.
Squats said it will use the funds to enhance its technological framework, strengthen team, and expand operations pan-India.
“Suniel has continuously set new benchmarks in his acting career, business and fitness. His success across domains is driven by the clarity of his vision. Even at 58, he is fitter than most people in their mid-20s. This coming together of mutual synergies is testament to the strength of the Squats’ result-oriented approach to fitness,” said Jitendra Chouksey, founder, Squats.
Shetty said that the investment is influenced by the bootstrapped company’s high growth and profitable business operations.
“In today’s time, when all kinds of false information about fitness is common, there is a critical need for companies like Squats, which address the issues of trust and credibility in the Indian fitness space, focusing on ‘balancing quantified nutrition with weight training’. I truly believe in the vision and approach of its founding team, and its future growth potential as India’s preferred fitness brand,” Shetty added.
The company aims of making 50 million people fit and create one lakh jobs in the fitness space.