Tata Digital, a wholly owned subsidiary of the Tata group, will invest $75 million in fitness startup Curefit.
Mukesh Bansal, founder and CEO of the Bengaluru-based startup, will join Tata Digital as president. He will, however, continue in his leadership role at Curefit, recently renamed Cultfit.
The investment — for which Tata Digital has entered into a memorandum of understanding with Curefit — is subject to completion of the diligence process and other approvals, Tata Digital said in a statement.
Curefit was last valued at around $800 million, just before the onset of the Covid-19 pandemic last year when Singapore’s Temasek had invested in the firm.
In his new role, Bansal will work closely with Tata Digital CEO Pratik Pal, who has been leading the group’s digital investments in companies like BigBasket. The Tata group is also in the last leg of closing its acquisition of e-pharmacy 1mg, where it is expected to purchase a 55% stake.
Bansal previously founded fashion ecommerce platform Myntra, before selling it to Flipkart for $330 million in 2014. “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,” said N Chandrasekaran, chairman of Tata Sons.
Bansal said joining Tata Digital marks an ‘exciting new step’ for him and his team. “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 a next-generation consumer platform…,” Bansal added.