Tata Digital Limited, a 100 percent subsidiary of Tata Sons Private Limited, has entered into a Memorandum of Understanding (MoU) for investing up to $75 million in CureFit Healthcare Private Limited (Cure.Fit). This deal is subject to the completion of the diligence process and other approvals.
Mukesh Bansal, Founder and CEO, Cure.Fit, will join Tata Digital as President. Additionally, Mukesh will continue in his leadership role at Cure.Fit.
Mukesh Bansal, Co-Founder and CEO, 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 Cure.Fit 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 a next-generation consumer platform and I am very excited to be part of the Tata Digital team that is shaping this vision.”
Cure.Fit will help Tata Digital expand into a proactive health management space.
N Chandrasekaran, Chairman, Tata Sons, stated, “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.”
“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 further added.
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 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 helps Cure.Fit grow rapidly as digital health takes off in a big way in next decade.”