Tata Digital, a subsidiary of conglomerate Tata Group, has agreed to invest up to $75m in India-based health and fitness app developer CureFit, The Economic Times reported yesterday.
Curefit has developed a mobile app that lets users book live fitness classes, medical consultations meditation and therapy sessions. It also runs fitness centres and gyms in addition to selling sports apparel.
Mukesh Bansal, founder and chief executive of CureFit, will continue to lead the business but will also join Tata Digital as president. Bansal said the agreement will enable Curefit to expand its offering for customers in India.
The company has received at least $465m of equity and debt financing to date. Singaporean state-owned investment firm Temasek led a $109m funding round for CureFit in March 2020 at an $800m valuation.
Unilever Ventures, the corporate venturing arm of consumer goods producer Unilever, also took part in the 2020 round, as did Accel, Chiratae Ventures, GableHorn Investments, Castle Investments, Epiq Capital, Pathiti Investment Trust and Ascent Capital.
CureFit had raised $120m in a mid-2019 round that included Unilever Ventures, financial services firm Kotak Mahindra Bank, Epiq Capital, Innoven Capital, Accel Partners, Kalaari Capital, Oaktree Capital, Chiratae Ventures, Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust.
The company’s earlier backers include Accel, Chiratae Ventures, Kalaari Capital, Oaktree Capital, UC-RNT Fund, Endiya Partners and individuals such as Brun Raschle, Binny Bansal and Ananth Narayanan.