27th May, 2021
According to a source, after acquiring majority holdings in egrocer BigBasket and epharmacy 1mg salt, Tata Group is now focusing on fitness company Curefit.
As per the sources, the company is planning to keep Mukesh Bhansal on board, founder of Curefit.
Then afterward, Curefit will move towards Digital Conglomerates like Reliance Industries, Amazon, and Walmart-owned by Flipkart.
Image Courtesy- pitchonnet.com
Cult .fit also has some other outlets such as Cult .fit for physical fitness, Mind .fit for yoga, and mental fitness as well. And Eat .fit for its food and nutrition branch. Founded by Myntra co-owner Bhansal and former Flipkart executive Ankit Nagori in the year 2016. Care. fit, preventative care, and telemedicine service were also created by the firm.
“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,” the source was quoted as saying.
According to another source, the group thinks that industry professionals with subject expertise should lead particular company verticals. “This is even more crucial in the technology-led new economy. Their plan is to let company founders run their businesses,” the person included.
Till now, with the likes and support of Temasek Holdings, Accel, Chiratae Ventures has raised up to $404.6 Mn and had a market capitalization of $732 million dollars.
Also, a fund of $3 Mn was raised by the company back in 2017, from the Tata Sons Chairman Emeritus Ratan Tata’s UC-RNT Fund.