On June 7, Tata Digital Ltd., a subsidiary of Tata Sons, announced that it will invest up to $75 million (₹550 crore) in CureFit Healthcare Private Limited. It has entered into a Memorandum of Understanding (MoU), subject to the completion of diligence process and remaining approvals.
The co-founder and chief executive of CureFit, Mukesh Bansal, is named as the president of Tata Digital. However, he will continue his leadership role at CureFit.
Tata Sons Chairman N Chandrasekaran has said that, “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 consumer’s life.
“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.” The chairman has expressed his satisfaction to have Bansal as a part of the key leadership team of Tata Digital.
Moreover, Bansal co-founded the fashion e-commerce company Myntra. Five years ago, He launched CureFit Healthcare with Ankit Nagori, a senior executive from Flipkart.
The founder has shared his excitement as he joins Tata Digital as the president. He also talked about the recognition of the value CureFit has created for fitness enthusiasts in the country. He adds, “Being part of Tata Digital will enable us to nationally scale up our offerings for our customers.”
Tata Digital has stated that Indian fitness and wellness market is growing at 20 percent per annum and might reach $12 billion by 2025. Earlier this year, Tata Group had completed the acquisition of e-grocery firm BigBasket.