As part of the deal, CureFit’s founder and chief executive Mukesh Bansal will take charge as president of Tata Digital, and will continue in his leadership role at CureFit.
ET was the first to report on the
Tata-Curefit deal on May 27.
CureFit, which counts Tata Group’s Chairman Emeritus Ratan Tata as an early investor, is the third significant startup investment by the salt-to-software conglomerate as it looks to build its digital play against the likes of Amazon, Reliance and Walmart-Flipkart. It recently completed the acquisition of BigBasket and is in the process of buying 1mg.
Bansal, who co-founded online fashion retailer Myntra, has been running Curefit for the past five years. He launched the venture with Ankit Nagori, a senior executive from Flipkart.
Tweet line: Tata Digital to invest up to $75 million in Curefit, names Mukesh Bansal as president.
“With his (Mukesh Bansal’s) deep consumer experience and an entrepreneurial mindset of having incubated and grown two very successful businesses, his expertise will bring immense value to us,” Tata Group Chairman Natarajan Chandrasekaran said.
Commenting on his appointment as Tata Digital president, Bansal said, “Joining Tata Digital marks an exciting step for me and my team and is a recognition of the value we have created with CureFit… Being a part of Tata Digital will enable us to nationally scale our offerings for customers.”
Tata Digital has a highly inspiring vision to create the next generation consumer platform, and I am very excited to be part of the Tata Digital team that is shaping this vision,” he added.