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Deepti Sri · · 1 min readSources: Tata Group looks to acquire ex-Flipkart execs’ fitness startup
“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 reported, citing people aware of the company’s plans.
Details:
- If the acquisition pushes through, Curefit founder Mukesh Bansal may join the board of Tata Group, taking up a leadership role in the company’s digital businesses, including BigBasket and 1mg. Bansal was the co-founder of online fashion startup Myntra, which was acquired by Flipkart in 2014. He started Curefit with another former Flipkart executive Ankit Nagori.
- According to one of the sources, the Tata Group believes in letting the founders of companies it has acquired run the business, as they have domain knowledge.
Context:
- Curefit, which was rebranded to Cult.fit just this month, has raised US$418 million to date. It was reported in December last year that Temasek was in discussions with the company about a potential US$100 million investment. At the time, the startup was said to be seeking a post-money valuation of US$800 million.
- In February this year, Tata Group reached an agreement to acquire a majority stake in grocery delivery startup BigBasket, which is also planning a public listing by next year.
Editing by Collin Furtado and Jaclyn Tiu
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