Tata Digital, on Monday announced it will invest $75 million in CureFit whose CEO Mukesh Bansal will join as President. He will manage the roles of both companies.
The share of investment has not been disclosed yet. Tata Digital is taking big steps in the digital world and expanding its e-commerce play which will enable them to compete with giants like Flipkart and Amazon.
In a statement, Tata Digital said that Indian Fitness and wellness are growing at 20 percent per annum and are expected to reach USS 12 billion by 2025. Tata Digital also mentioned that Curefit will help them expand into pro-active health management space.
Tata Sons chairperson said that CureFit Partnership with its industry will be of huge benefit. Its leading platform in fitness matches Tata’s overall health care proposition, where fitness is considered as an integral part of the consumers.
Bansal remarked that his deep consumer mindset and the way he handles two successful businesses along with his skills and expertise will bring immense value.
The Pandemic slowed down the usage of CureFit but after the pandemic is over, it is expected to bring huge results because people will be more fitness focused and will take their health seriously after Covid.
Planning CureFit seems like a genius move because people are more conscious of their health and this venture will rise to levels after the pandemic.
Bansal said that Tata Digital will be an exciting step for him and his team along with recognition of value. Sudhir Sethi, chairperson of Chirate Ventures, CureFit’s earliest backers said that Tata Digital will help the growth of CureFit given its name and will speed up its growth to being fitness and wellness leader with a huge consumer base.