Tata Digital Ltd, a Tata Sons Ltd subsidiary, announced that it would invest up to $75 million in fitness startup CureFit. Co-founder and CEO of CureFit Healthcare Pvt. Ltd, Mukesh Bansal will continue in his post as CEO while also serving as president of Tata Digital. Bansal had previously started Myntra, a clothing and fashion website, in 2007.
Tata Digital’s new investment comes as the Tata company continues to spend and acquire in the digital arena, even as it works on a nifty app for consumers.
“Our whole healthcare strategy, where exercise is increasingly becoming a fundamental part of a consumer’s life, meshes exceptionally well with the CureFit relationship with its industry-leading fitness and wellness platform.
We are thrilled to have Mukesh Bansal as a member of Tata Digital’s senior leadership team. “His knowledge would add enormous value to us,” said N. Chandrasekaran, chairman of Tata Sons, “with his extensive consumer experience and entrepreneurial mindset of having founded and grown two highly successful firms.”
“Joining Tata Digital is an acknowledgement of the value CureFit has made for fitness fans in India. As part of Tata Digital, we(CureFit) will be able to nationalise our services for our clients. “I am very, very excited to be a part of the Tata Digital team that is defining this vision,” Bansal added.
Tata Digital announced in May that it had acquired a majority share in online grocer BigBasket. Separately, regulatory documents dated 27 May revealed that Tata Digital had committed a $1,591 crore ($219 million) investment in BigBasket, with the online grocer receiving $1,116 crore.
According to company records with the ministry of corporate affairs, Tata Digital invested 100 crores as debt in online medicine firm 1MG in April. It’s also interested in acquiring majority ownership in the company.
According to an Economic Times storey, the company is in talks to invest in Just Dial, a search engine for small businesses.
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