[Funding Alert] Tata Digital to invest up to $75M in Cure.Fit
According to a press statement shared by Tata Digital Limited — a 100 percent subsidiary of Tata Sons Private Limited, it has entered into a Memorandum of Understanding (MoU) for investing up to $75 million in CureFit Healthcare Private Limited (“Cure.Fit”), subject to the completion of diligence process and other approvals.
The statement added that Mukesh Bansal, Founder and CEO,will join Tata Digital in an executive role as President, Tata Digital Limited. In addition, Mukesh will continue in his leadership role at CureFit.
Mukesh Bansal, Co-founder and CEO of Cure.Fit, said, “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. 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 next-generation consumer platform and I am very excited to be part of Tata Digital team that is shaping this vision”
The statement added that the Indian fitness and wellness market is growing at 20 percent per annum, and is expected to touch $12 billion by 2025. Cure.fit, with its range of fitness and wellness offerings, will help Tata Digital expand into a proactive health management space.
N Chandrasekaran, Chairman, Tata Sons said, “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."
He added, "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”
The products offered by CureFit include a holistic range across fitness and yoga, mental wellbeing, healthy meals, and consultations, diagnostics, as well as personal training. The company is a market leader and aims to leverage its technology platform to enhance user experience and increase the penetration of fitness in the Indian market.
Sudhir Sethi, Chairman, Chirate Ventures from Cure.Fit board said, “Tata digital partnership will significantly accelerate Cure.fit’s growth as a fitness and wellness leader, and it will open up access to a large set of new consumer base. It is a strong validation of the category leadership that Cure.fit has and help Cure.fit grow rapidly as digital health takes off in a big way in next decade.”