The digital services subsidiary of the Tata Group said in a statement that Bansal would also continue in his role as CEO of Bengaluru-based Curefit. The investment in Curefit is seen as a path towards Tata Digital acquiring the startup.
Curefit has till date raised over $475 Mn across more than 10 funding rounds, with its previous fundraise coming in March last year when it secured INR 831.95 Cr ($110 Mn) in a Series D2 funding round led by Singapore-based investment firm Temasek.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Curefit has been on an acquisition streak in 2021 after a bleak 2020 where it had to lay off over 1,600 employees and scale down operations. It acquired Mumbai-based fitness aggregator Fitternity for an undisclosed amount in February. It was Curefit’s second acquisition this year after it had acquired US-based fitness tech startup Onyx in January to improve its computer vision technology for at-home fitness products.
Besides Curefit, Tata Digital has made major investments in BigBasket, where the company has acquired majority stake, as well as healthtech startup 1mg, which is speculated to be an investment ahead of an acquisition bid. Tata Digital infused INR 100 Cr ($13.3 Mn) in the Delhi NCR-based healthtech startup through a venture debt investment. 1mg was reported to be valued at INR 1,770 Cr or $240 Mn after the round.
Tata Digital acquired a majority stake in BigBasket in May this year. “Grocery is one of the largest components of an individual’s consumption basket in India, and bigbasket as India’s largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem. We are delighted to welcome BigBasket as a part of Tata Digital,” said Pratik Pal, CEO of Tata Digital, had said at the time.
Following the stake acquisition, Bengaluru-based BigBasket also received a primary capital infusion of $200 Mn at a post-money valuation of $2 Bn. BigBasket noted in its statement that the Tata Group is building a digital consumer ecosystem addressing consumer needs across categories in a unified manner and online food & grocery is an important part of this ecosystem. Accordingly, this acquisition presents an attractive opportunity for Tata Group in its overall vision of creating a digital ecosystem.