Tata Digital, a wholly-owned subsidiary of Tata Sons, will invest up to $75 million in CureFit Healthcare Private Limited, the company announced on June 7.
As part of the deal, CureFit’s founder and chief executive Mukesh Bansal will take charge as president of Tata Digital, and will continue in his leadership role at CureFit.
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.
“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,” Tata Sons Chairman N Chandrasekaran said.
“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,” he added.
Monday’s investment is the salt-to-steel giant’s latest effort to expand its presence in the consumer tech space. Earlier this year, Tata Group acquired a majority stake in online grocery startup BigBasket, and is reportedly in talks to acquire online pharmacy 1mg, according to local media reports.
“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,” said Bansal
“Being part of Tata Digital will enable us to nationally scale up our offerings for our customers,” he added.
