With an eye on expanding its online universe, the Tata Group is now looking to acquire health and fitness startup Curefit (now rebranded as Cult.Fit), according to a report by Economic Times quoting sources. This comes after the conglomerate acquired majority stakes in BigBasket and online pharmacy 1mg.
The company which has raised Rs 3,033 crore and is valued at Rs 5,819 crore has had investments from Temasek, Kalaari Capital, Accel and others.
This deal would help Tata Group build a salt-steel digital ecosystem of businesses pitting itself against Reliance Industries Ltd and its suite of digital businesses.
Tata is also planning to bring on board, founder Mukesh Bansal, who is likely to be put in a leadership position in Tata's digital business.
“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," a source told the publication.
Bansal launched Curefit with Ankit Nagori, a former senior executive at Flipkart. He also co-founded Myntra, a Bengaluru-headquartered fashion retailer operating online which was acquired by Flipkart in May 2014.
DH could not independently verify this report.
Published 27 May 2021, 05:46 IST