Finally, the deal between Tata Digital and CureFit is finalized. The health startup will now be part of Tata Digital’s subsidiaries. Mukesh Bansal, CEO, and founder of CureFit will join the Tata Digital team in an executive role as president. On the other hand, Tata Digital will invest $75 million to strengthen health startup operations.
Tata Digital-CureFit Deal
For the last few days, CureFit and Tata Digital collaboration news were taking around in different media portals. Finally, CureFit has agreed to work under Tata Digital.
It is a strategic win for Tata Digital and CureFit. For Tata Digital, welcoming Mukesh Bansal as executive President will strengthen its digital portfolio further, whereas Tata Digital’s $75 million investment will help the health startup to grow further. Due to the global network of Tata Group, CureFit will get more customers.
In addition to his role in Tata Digital as an executive, Mukesh Bansal will continue leading CureFit.
Through its official statement, Tata Digital said:
“The Memorandum of Understanding (MoU) between the two companies has been inked, and the proposed investment would be cleared “subject to completion of diligence process and other approvals”.
Why Tata Digital is Collaborating with different Firms?
Tata Sons Chairman N Chandrasekaran also talked about the current MoU. How it will help Tata Digital? Answering this question, Chandrasekaran 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.”
He further added:
“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.”
Bansal, the founder of Myntra and CureFit, believes that the current partnership will help the health startup in growing nationally.
In his official statement, he said:
“Being part of Tata Digital will enable us to nationally scale up our offerings for our customers.”
He further added:
“Tata Digital has a highly inspiring vision to create next-generation consumer platform and I am very excited to be part of Tata Digital team that is shaping this vision.”
CureFit is one of the exponentially growing online health platform. The company has an annual growth rate of 20% and wants to reach a valuation of $12 billion by 2025.
Tata Group is on the way to launch a super app under the Tata Digital platform where it will bring all major business sectors offerings including groceries, health, education, entertainment, electronics, fashion, travel, beauty and lifestyle.
The business giant will also bring its group companies including Titan, Voltas, Trent, Tata Consumer Products, Tata Motors, Vistara, Tata AIG, Tata Capital and Taj Hotels under super app.