BENGALURU: Tata Group’s ambition of developing India’s first super-app got one step closer with its subsidiary firm Tata Digital signing a deal for investing of up to $75 million in fitness start-up Curefit.
The development comes on the heels of the company acquiring 64.3 per cent in e-grocer Big Basket for $1.2 billion and also a likely acquisition of epharma 1 mg.
Tata Sons is aiming to take on Reliance with its digital expansion and create a one stop shop for the 500 million internet users of the country ranging from fashion, grocery, pharma to food delivery.
As a part of the Curefit-Tata deal, Mukesh Bansal, co-founder and CEO, Tata Digital will join the company as President, in addition to continuing his leadership role at Curefit.
In 2017, Tata Group chairman emeritus Ratan Tata had invested $3 million in the start-up.Curefit is backed by Chitrae ventures, Temasek, Accel. The Covid-19 induced restrictions has rendered many of its health/ fitness centres across the country non-operational.
Revenues slumped to zero
Curefit co-founders Mukesh Bansal and Ankit Nagori have claimed that all employees were paid full salaries for March and April even though Cure.fit’s revenue went down to nearly zero from over Rs 70 crore a month.
Both had to forego salaries for one entire year and initiate paycuts to keep the company running, they had said.