ETtechMumbai: Tata Digital Ltd. has entered into an agreement to invest up to $75 million in health and fitness startup CureFit, the subsidiary of Tata Sons Pvt. Ltd. said in a statement on Monday.
As part of the Tata-CureFit deal, CureFit's founder and chief executive Mukesh Bansal will take charge as president of Tata Digital, and will continue to lead his company well.
ET was the first to report on the deal on May 27.
CureFit, which counts Tata Group’s Chairman Emeritus Ratan Tata as an early investor, is the third significant startup investment by the salt-to-software conglomerate as it looks to build its digital play against the likes of Amazon, Reliance and Walmart-Flipkart. It recently completed the acquisition of BigBasket and is in the process of buying 1mg.
Bansal, who co-founded online fashion retailer Myntra, has been running CureFit for the past five years. He launched the venture with Ankit Nagori, a senior executive from Flipkart.
"With his (Mukesh Bansal's) deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us," Tata Group Chairman Natarajan Chandrasekaran said in the statement.
Commenting on his appointment as Tata Digital president, Bansal said, "Joining Tata Digital marks an exciting step for me and my team and is a recognition of the value we have created with CureFit… Being a part of Tata Digital will enable us to nationally scale our offerings for customers.”
"Tata Digital has a highly inspiring vision to create the next generation consumer platform, and I am very excited to be part of the Tata Digital team that is shaping this vision," he added.
As part of the Tata-CureFit deal, CureFit's founder and chief executive Mukesh Bansal will take charge as president of Tata Digital, and will continue to lead his company well.
ET was the first to report on the deal on May 27.
CureFit, which counts Tata Group’s Chairman Emeritus Ratan Tata as an early investor, is the third significant startup investment by the salt-to-software conglomerate as it looks to build its digital play against the likes of Amazon, Reliance and Walmart-Flipkart. It recently completed the acquisition of BigBasket and is in the process of buying 1mg.
Bansal, who co-founded online fashion retailer Myntra, has been running CureFit for the past five years. He launched the venture with Ankit Nagori, a senior executive from Flipkart.
"With his (Mukesh Bansal's) deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us," Tata Group Chairman Natarajan Chandrasekaran said in the statement.
Commenting on his appointment as Tata Digital president, Bansal said, "Joining Tata Digital marks an exciting step for me and my team and is a recognition of the value we have created with CureFit… Being a part of Tata Digital will enable us to nationally scale our offerings for customers.”
"Tata Digital has a highly inspiring vision to create the next generation consumer platform, and I am very excited to be part of the Tata Digital team that is shaping this vision," he added.