Tata Digital, a subsidiary of Tata Sons, has announced that it has signed an MOU to invest up to USD75 million in fitness startup CureFit. As part of the deal, CureFit co-founder and chief executive Mukesh Bansal will join Tata Digital as President and also continue in his role at the Bengaluru-headquartered startup.
Founded by Mukesh Bansal and ex-Flipkart executive Ankit Nagori in July 2016, Curefit had raised USD418 million prior to the Tata Digital infusion, with its last valuation pegged in the region of USD800 million.
The company, which recently renamed itself as Cult.fit, has 200+ ‘cult centres’ in 20+ cities across India.
The investment marks yet another major step in Tata Group’s push for leadership in the e-commerce space. In May, it signed a deal to buy 65% stake in online pharmacy 1mg, and followed that up with a majority stake in India’s largest online grocery retailer BigBasket (Supermarket Grocery Supplies Private Limited) later in the month.