Tata Group's big step in the digital space: Tata will invest Rs 550 crore in CureFit, will strengthen e-commerce.
Tata Group has taken a major step in the digital space to strengthen the e-commerce segment. Tata Digital, a subsidiary of Tata Group, said on Monday that the company will invest $75 million in fitness startup Curefit Healthcare worth about Rs 550 crore. However, the share from this investment has not been disclosed.
Curefit founder to be President of Tata Digital
The company has said that Curefit founder and CEO Mukesh Bansal will join Tata Digital. He will be made the President of Tata Digital. He will also continue to play an important role in curefit. Tata Group is acquiring companies that are not able to do better in the absence of capital to expand the e-commerce business. Investment in curefit from Tata Digital is also another step in this direction. Tata Group has giants like Flipkart, Amazon, and Reliance Retail in the e-commerce segment.
Indian fitness market to be worth $12 billion by 2025
Tata Digital in its statement said that India's fitness and wellness market is growing at the rate of 20% per annum. By 2025, the size of India's fitness market could be up to $12 billion. With this investment, Curefit will help in the expansion of Tata Digital in the pro-active management space. Tata Digital Limited is a 100% subsidiary of Tata Sons. An agreement has been signed between Tata Digital and Curefit Healthcare on investment. However, the diligence process for this investment is yet to be completed and other approvals are yet to be obtained.
Curefit matches our health offering
Tata Sons Chairman N Chandrasekaran says the partnership with Curefit is very well in line with our health offering. It is becoming an integral part of the lives of consumers with fitness. Welcoming Mukesh Bansal, Chandrasekaran said that he has deep consumer experience and has run two companies each.
Exciting experience connecting to Tata Digital
Bansal has said that connecting with Tata Digital is an exciting step for him and his team. This has given an identity to our efforts for curefit. Bansal had earlier launched fashion startup Myntra. He joined Flipkart after Myntra sold out. In 2016, Bansal along with former Flipkart senior executive Ankit Nagori launched Curefit.