Tata Digital, a wholly-owned subsidiary of Tata Sons Ltd, will invest up to $75 million in CureFit Healthcare Private Limited, the fitness, and health business that manages the famous gym franchise CultFit. “Tata Digital Limited, a 100 percent subsidiary of Tata Sons Private Ltd., has entered into a Memorandum of Understanding for an investment of up to US$75 million in CureFit Healthcare Private Limited (“CureFit”), subject to the completion of the diligence process and other approvals,” according to a press release from Tata Digital.
CureFit is the country’s leading fitness company, with a strong ecosystem built around fitness and wellbeing.
According to Tata Digital, the Indian fitness and wellness market would develop at a rate of 20% per year, reaching $12 billion by 2025.
Curefit’s fitness and wellness products will help Tata Digital expand into the pro-active health management area, according to the company.
Mukesh Bansal, CureFit’s co-founder, and CEO will join Tata Digital as president of Tata Digital Limited. Mr. Bansal’s leadership role at CureFit will also be maintained, according to Tata Digital.
“The CureFit alliance, with its industry-leading fitness and wellness platform, fits perfectly with our whole healthcare offering, as fitness is becoming an increasingly important aspect of people’s lives. We are ecstatic to have Mukesh Bansal as a member of Tata Digital’s senior leadership team. His knowledge will be invaluable to us since he has extensive consumer experience and an entrepreneurial approach, having founded and grown two highly successful businesses “Chairman N Chandrasekaran of Tata Sons stated in a statement.
“Joining Tata Digital is an exciting new step for me and my team, and it recognizes the value we have produced for fitness fans in India with CureFit. As part of Tata Digital, we will be able to nationalize our services for our clients. Tata Digital has a very exciting vision for creating next-generation consumer platforms, and I’m extremely excited to be a part of the team that is helping to shape that vision “In a statement, Mukesh Bansal, CureFit’s co-founder, and CEO, stated.