New Delhi: Tata Digital has said it will invest USD 75 million (approximately Rs 550 crore) in fitness-focused Curefit Healthcare. However, the company has not said how much stake it will acquire from the investment. An official statement issued by Tata Digital said That Mukesh Bansal, founder and chief executive of Curefit, will join Tata Digital as an executive as chairman and will continue to play a leading role in Curefit.
It may be recalled that Tata Digital is focusing on acquisitions to expand its e-commerce business. The company is pitted against big companies like Flipkart, Amazon and Reliance Retail. Tata Digital said in a statement that the Indian fitness and wellness market is growing at 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 sector.
According to the statement, Tata Digital Limited, a 100 per cent subsidiary of Tata Sons, has signed a Memorandum of Understanding (MoU) for investment of USD 7.5 crore in Curefit Healthcare. However, necessary clearances are to be taken for the same.
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