Tata Digital, a subsidiary of Indian conglomerate Tata Sons, said on Monday it has signed a deal to invest up to $75 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 Bangalore-headquartered startup.
Monday’s investment is the salt-to-steel giant’s latest effort to expand its presence in the consumer tech space. Earlier this year, Tata Group acquired a majority stake in online grocery startup BigBasket, and is reportedly in talks to acquire online pharmacy 1mg, according to local media reports.
Prior to today’s announcement, CureFit had raised about $418 million and was last valued at $815 million, according to insight firm Tracxn. The two companies didn’t share how Tata’s investment valued CureFit, which is also sometimes stylized as Cure.fit.
The startup, which expanded to the U.S. market last year, had about 1.5 million monthly active users in India last month, down from about 4.5 million in April 2020, according to mobile insight firm App Annie — data of which an industry executive shared with TechCrunch.
“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,” said Bansal, who sold his previous venture Myntra to Flipkart, in a statement.
“Being part of Tata Digital will enable us to nationally scale up our offerings for our customers,” he added.
Source: New feed