Investors of Squats have made a profit of 1000 times on their investments of INR 5000. Squats founder Jitendra Chouksey revealed the information.
Squats is a Health and Fitness startup based in Pune. It is an online fitness platform. Squats application is available on android and IOS platforms by the name of FITTR.
Squats began its operation by taking INR 5000 from 7 initial members as the founder of Squats Jitendra Chouksey had no money.
The initial investment of 5000 now worths more than INR 50 lacs (5 million) thus embarking a profit of 1000 times on the initial investment within 3 years.
Recently, two of the seven initial members recently diluted some portion of their equity to an outside investor based upon the valuation of the company back then. Both the initial investors received 50 lacs each.
Squats founder Jitendra Chouksey, former IT consultant, had to take help from initial members and he gave them equity in return due to lack of money.
Jitendra is a fitness enthusiast. Before Squats, he used to share tips and ways to get fit with his friends and colleagues. His methods helped his friends to get fitter and they in return spread the word of mouth of Jitendra.
Soon, Jitendra started getting many requests for personal mentoring. People were even ready to pay him for his service. However, due to his busy schedule and IT job, he couldn’t accommodate every request.
Jitendra wrote a booklet citing basic information about fitness and nutrition and shared it on Facebook. But it didn’t work. Alas, he launched Squats.
Squats has grown very fast in a very short span of time. Actor Sunil Shetty invested an undisclosed amount in Squats in 2018.
Recently, Squats founder Jitendra Chouksey took to the infamous employment-oriented service LinkedIn to share an insight about the company.
He revealed how two of the initial members of the company earned 50 lacs by selling some portion of their equity to an Investor.
Squats reported a profit of INR 21.3 crores in 2017-18 and INR 30 crores in 2018-19. Building their steps by themselves, they expect to earn INR 45 crores in 2019-20.
The online fitness platform Squats is currently valued at INR 300 crores. Further, the startup featured among the top 200 startups who made it to the YC this year.
Every person who invests in startups and equities wants to get rich and that too quickly and the member of Squats just had his dream come true.