In what is one of the most significant transactions in the Indian Fitness sector, Tata Digital has announced an investment worth $75 million in the much-talked-about fitness startup Curefit. Tata Digital will see the co-founder and CEO of Curefit, Mukesh Bansal, joining them as the President. The fashion app Myntra founder will continue to lead Curefit in the process.
Curefit is a significant player in the Indian fitness and wellness industry, with a valuation of around $800 million. It has over 130+ physical fitness centers in metropolitan cities like Bangalore, Delhi, Mumbai, and Hyderabad. With Covid-19 dealing a massive blow to the sports and fitness industry, Curefit decided to take the online route with sessions being recorded and conducted live by their trainers.
This is the third major investment done by TATA Digital, a subsidiary of the TATA Group. It earlier acquired online groceries platform BigBasket and is on the verge of acquiring health-related app 1mg. Ratan Tata, Tata Group’s Chairman Emeritus, was one of the first few investors in Curefit.
The deal with Curefit is awaiting the completion of the due diligence and other regulatory approvals. N Chandrasekaran, chairman of Tata Sons, was delighted at the announcement, in what is expected to make them major players in the Indian sports & fitness industry, currently dominated by Reliance.
“With his (Mukesh Bansal’s) deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us.”
Bansal, who has created a niche for himself in developing valuable brands, is excited to be a part of this new journey. With sports, fitness, health, and fitness taking precedence like never before due to the pandemic, the expansion of Curefit nationally will allow consumers to avail of the services of the much-hyped platform.
With the second wave of the pandemic easing out in the country, the sports and fitness industry is gearing towards rapid growth, and this deal will only aid the process.