INSUBCONTINENT EXCLUSIVE:
CureFit operates popular gym chain CultFit.Tata Digital, the wholly owned subsidiary of Tata Sons Ltd, will invest up to $75 million in
fitness and health startup CureFit Healthcare Private Limited which operates popular gym chain CultFit
"Tata Digital Limited, a 100 per cent 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 completion of diligence process and other approvals," Tata Digital said in a press release.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.
