MUMBAI: The Tata Group is reportedly in talks to acquire health and fitness startup Curefit.
“After picking up majority stakes in online grocery BigBasket and online pharmacy 1mg, the Tata Group is now looking to acquire health and fitness startup Curefit,” The Economic Times reports, citing people aware of the company’s plans.
Founded by Mukesh Bansal and former Flipkart executive Ankit Nagori in July 2016, Curefit has raised $418 million todate. It was reported in December last year that Temasek was in discussions about a potential $100 million investment in Curefit. At the time, the startup was reported to be seeking a post-money valuation of $800 million.
The company, which this month was rebranded as Cult.fit, has 200+ ‘cult centres’ in 20+ cities across India.
If the deal goes through, the acquisition will mark the next major step in Tata Group’s push for leadership in the e-commerce space. In April, Tata Digital was given the go-ahead to pick up a 64% stake in leading online grocery retailer BigBasket, and earlier in May, it signed a deal to buy 65% stake in online pharmacy 1mg.
Tata Group increased the authorised share capital of Tata Digital to Rs 110 billion from Rs 10 billion earlier in May, as per regulatory filings accessed by the business daily.