Foodtech Giant Zomato Acquires Full-Stack Sports Platform Fitso
Foodtech giant Zomato has acquired 100% stake in full-stack sports platform Fitso via cash-and-equity deal, worth about 800 million rupees (US$11 million) to 1 billion rupees (US$13.7 million).
Reported by entrackr, this is the first acquisition by Zomato after UberEats was bought by the startup in January 2020.
As per one of the source,
“The deal has been internally announced by Zomato. Fitso’s team, along with its co-founders, will join Zomato.”
Another source added,
“The size of the deal is in the range of Rs 80-100 crore. The transaction consists of both equity and cash.”
Started in 2015, Fitso provides membership access to sports facilities. Through its subscription model, the startup claims to have 2,000 paying subscribers across the national capital region (NCR).
Both companies have been in talks since September 2020, and now when the deal is finalised, it would help Zomato get into the fitness space.
Zomato recently had closed a $600 million financing round at a valuation of $3.9 billion and is also preparing for a public listing this year.
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