Tata Group in talks to acquire fitness startup Curefit: Report
Cure.fit, recently rebranded Cult.fit, offers gyms and a bouquet of services, including online therapy under mind.fit.
May 27, 2021 / 12:31 PM IST
Cure.fit was recently renamed as Cult.fit.
Tata Group is in talks to acquire health and fitness startup Curefit, recently rebranded as cult.fit.
The group is also planning to bring on board Curefit founder Mukesh Bansal with a leadership role in Tata’s digital business, the Economic Times reported, citing sources.
The co-founder of fashion retailer Myntra, Bansal has been Curefit CEO for five years. He co-founded the venture with Ankit Nagori, a senior executive from Flipkart.
Cure.fit offers gyms and a bouquet of services—online therapy under mind.fit, consultation with a dietician or lab tests at home through care.fit and eat.fit provides access to healthy food from restaurants.
Cure.fit will sit well with Tata Group's plan for a bigger digital play and its ambitious super app.
"Bansal could possibly get a wider role in Tata’s digital businesses, including those in which it recently picked up majority stake, such as BigBasket and 1mg. The discussions are still not final and the terms may change," people in the know told ET.
Backed by Temasek, Accel, Kalaari Capital, Curefit has raised $418 million and was last valued at around $800 million, the report said.
Moneycontrol could not independently verify the report.
"Bansal's experience in scaling Myntra to one of India's largest fashion e-commerce players will be vital for Tata as it strings together a digital strategy," a person close to the development told the publication.
While a Tata Sons spokesperson said the company did not wish to comment, Bansal did not respond to an emailed questionnaire, the report said.