Tata will invest around Rs 550 crore (US$75 million) in digital fitness-focused CureFit healthcare. However, the company did not specify how much stake it would acquire from this investment.
In the e-commerce business, Tata Digital has made a big bet to compete with companies like Reliance Retail, Amazon and Flipkart. Tata will invest around Rs 550 crore (US$75 million) in digital fitness-focused CureFit healthcare. However, the company did not specify how much stake it would acquire from this investment.
An official statement issued by Tata Digital said Mukesh Bansal, Founder and Chief Executive Officer of CureFit, will join Tata Digital in an executive role as President, and will continue to play a leading role at CureFit.
These companies will compete
Tata Digital is pushing for acquisitions to expand its e-commerce business. The company is competing with giants like Flipkart, Amazon and Reliance Retail.
Tata Digital said in a statement that the Indian fitness and wellness market is growing at a rate of 20 per cent annually and is expected to reach $12 billion by 2025 and CureFit will help Tata Digital expand into the active health management space.
Tata Digital Limited, a 100% subsidiary of Tata Sons, has signed a Memorandum of Understanding (MoU) for an investment of USD 75 million in CureFit Healthcare, according to the statement. However, necessary approvals have to be taken for this.
N Chandrasekaran, Chairman, Tata Sons said, “The CureFit partnership aligns very well with our healthcare offering, where wellness is increasingly becoming an integral part of consumer lives.
Bansal said that joining Tata Digital is an exciting step for him and his team, and also in recognition of the value he has created with CureFit.
Bansal said, “By being a part of Tata Digital, we will be able to enhance our offerings to our customers nationally.
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