Tata Digital, a subsidiary of Tata Sons Private Ltd, has signed a strategic deal to invest up to $75 million in the fitness startup CureFit.
As a part of the deal, Mukesh Bansal, co-founder and CEO of Curefit, will join Tata Digital as president and will continue in his leadership role at the Bengaluru-based company.
Curefit, with its range of fitness and wellness offerings, will help Tata Digital expand into the pro-active health management space, said the company in a press statement.
The development follows the report of acquisition of CureFit by the Tata Group. However, the company did not say anything about the acquisition in its statement.
The investment will strengthen the position of Tata Digital in the consumer tech space after having acquired a majority stake in grocery marketplace BigBasket and in the final stages of acquisition of online pharmacy platform 1mg.
Backed by the likes of Temasek, Accel, Chiratae and Kalaari Capital, CureFit has raised over $400 million till date. The company was valued at around $810 million during its last round which was led by Temasek in March 2020.
During the COVID-19 induced lockdown in 2020, CureFit had to let go staff, cut salaries and even shut down its operations in the UAE and in smaller towns of India to trim costs. In October, the company hived off Eat.Fit which is now helmed by CureFit’s co-founder Ankit Nagori.
Last month, CureFit also announced that it is rebranding its app to CultFit. It’s worth noting that CureFit already runs its fitness centres in India under CultFit.