Tata Digital to put $75 Mn in CureFit; delegates

Tata Digital, an auxiliary of Tata Sons Private Ltd, has marked an essential arrangement to put up to $75 million in the fitness startup CureFit.

As a piece of the arrangement, Mukesh Bansal, fellow benefactor and CEO of Curefit, will join Tata Digital as president and will proceed in his influential position at the Bengaluru-based organization.

Curefit, with its scope of fitness and wellbeing offerings, will assist Tata Digital with expanding the supportive of dynamic wellbeing management space, said the organization in a press statement.

The development follows the report of acquisition of CureFit by the Tata Group. Nonetheless, the organization remained silent about the acquisition in its statement.

The investment will strengthen the position of Tata Digital in the consumer tech space subsequent to having procured a majority stake in staple marketplace BigBasket and in the last phases of acquisition of online drug store stage 1mg.

Supported by any semblance of Temasek, Accel, Chiratae and Kalaari Capital, CureFit has raised more than $400 million till date. The organization was esteemed at around $810 million during its last round which was driven by Temasek in March 2020.

During the COVID-19 actuated lockdown in 2020, CureFit needed to give up staff, cut pay rates and even shut down its activities in the UAE and in more modest towns of India to manage costs. In October, the organization hived off Eat.Fit which is currently helmed by CureFit’s prime supporter Ankit Nagori.

A month ago, CureFit additionally declared that it is rebranding its application to CultFit. It’s significant that CureFit as of now runs its fitness habitats in India under CultFit.