Tata Digital, a wholly owned subsidiary of Tata Sons Ltd, would 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, subject to the completion of the diligence process and other approvals," according to a press release from Tata Digital.
CureFit is the country's India's leading fitness player that has developed a strong ecosystem around fitness and wellness. Tata Digital expects Indian fitness and wellness market to grow at 20 per cent per annum and is expected to reach $12 billion by 2025.
Curefit, with its range of fitness & wellness offerings, will help Tata Digital expand into pro-active health management space, Tata Digital said. CureFit's co-founder and CEO Mukesh Bansal will join Tata Digital as president, Tata Digital Limited. In addition, Mr Bansal will continue in his leadership role at CureFit, Tata Digital said.
"The CureFit partnership with its industry-leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an integral part of a consumers' life. We are delighted to have Mukesh Bansal as a part of the key leadership team of Tata Digital. With his deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us," N Chandrasekaran, Chairman Tata Sons said in a statement.
"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. Being part of Tata Digital will enable us to nationally scale up our offerings for our customers. Tata Digital has a highly inspiring vision to create next-generation consumer platform and I am very excited to be part of the Tata Digital team that is shaping this vision," Mukesh Bansal, Co-founder & CEO of CureFit, said in a statement.
