Tata Digital Limited, a 100 percent subsidiary of Tata Sons has entered a Memorandum of Understanding for investing of up to $75 million in CureFit Healthcare, subject to completion of diligence process and other approvals.
CureFit Founder and CEO Mukesh Bansal will join Tata Digital as President and will continue in his leadership role at CureFit. India's leading fitness player has developed a strong ecosystem around in the fitness and wellness market, which is growing at ~20 percent per annum and is expected to reach around $12 billion by 2025.
N Chandrasekaran, Chairman of 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.
"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."
Mukesh Bansal, Co-founder and CEO of CureFit 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 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."
Sudhir Sethi, Chairman Chirate Ventures from CureFit 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 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."
(Edited by : Jerome Anthony)
First Published: IST