Tata Digital to invest in CureFit, appoints Mukesh Bansal as President
Premium- The investment deal marks Tata Digital’s foray into the pro-active health management space
Tata Digital Limited, a Tata Sons Private Ltd. on Monday said that it has entered into a Memorandum of Understanding for investing up to $75 million in CureFit Healthcare Private Limited (CureFit), subject to completion of diligence process and other approvals.
As a part of the transaction, CureFit founder and chief executive officer, Mukesh Bansal will join Tata Digital in an executive role as President, Tata Digital Limited. In addition, Bansal will continue in his leadership role at CureFit.
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The investment deal marks Tata Digital’s foray into the pro-active health management space.
“The CureFit partnership with its industry leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an integral part of a consumers’ life. We are delighted to have Mukesh Bansal as a part of the key leadership team of Tata Digital. With his deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us," said N. Chandrasekaran, chairman, Tata Sons.
This is Tata Digital’s second major acquisition this year, which had also committed an investment of ₹1,591 crore ($219 million) for acquiring a majority stake in BigBasket.
“Joining Tata Digital marks an exciting new step for me and my team and is a recognition of the value we have created with CureFit for fitness enthusiasts in India. Being part of Tata Digital will enable us to nationally scale up our offerings for our 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," said Mukesh Bansal, co-founder and chief executive officer of CureFit.
Founded in 2016, by Mukesh Bansal and Ankit Nagori, CureFit provides a range of fitness services on its platform, through an omni-channel presence. Apart from live workouts, it also allows users to book therapists, order food, get doctor consultations as well as access to personal training.
“Tata digital partnership will significantly accelerate cure.fit’s growth as a fitness and wellness leader and it will open up access to a large set of new consumer base. It is a strong validation of the category leadership that cure.fit has and help cure.fit grow rapidly as digital health takes off in a big way in the next decade," said Sudhir Sethi, chairman, Chirate Ventures, which was an early backer of CureFit.
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