Tata Digital Ltd to invest up to $75 million in a health and fitness startup CureFit
As part of the agreement, CureFit's founder and CEO Mukesh Bansal will take over as president of Tata Digital while continuing to lead CureFit.
CureFit, which counts Tata Group Chairman Emeritus Ratan Tata as an early investor, is the salt-to-software conglomerate's third significant startup investment as it seeks to build its digital play against Amazon, Reliance, and Walmart-Flipkart. It recently acquired BigBasket and is in the process of acquiring 1mg.
Curefit has been run by Bansal, who co-founded online fashion retailer Myntra, for the past five years. He co-founded the company with Ankit Nagori, a senior executive at Flipkart.
Tata Digital Limited is an unlisted public company incorporated on 11 March, 2019. It is classified as a public limited company and is based in Mumbai City, Maharashtra.
Tata Digital will invest up to $75 million in Curefit and will name Mukesh Bansal as president.
"With his (Mukesh Bansal's) deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us," Tata Group Chairman Natarajan Chandrasekaran said.
Commenting on his appointment as Tata Digital president, Bansal said, "Joining Tata Digital marks an exciting step for me and my team and is a recognition of the value we have created with CureFit… Being a part of Tata Digital will enable us to nationally scale our offerings for customers.”
Tata Digital has a highly inspiring vision to create the next generation consumer platform, and I am very excited to be part of the Tata Digital team that is shaping this vision," he added.