Indian giant Tata Digital to invest $75 million in fitness startup CureFit

Tata Digital, a subsidiary of Indian conglomerate Tata Sons, said on Monday it has signed a deal to invest up to $75 million in fitness startup CureFit. As part of the deal, CureFit co-founder and chief executive Mukesh Bansal will join Tata Digital as President and also continue in his role at the Bangalore-headquartered startup.

Monday’s investment is the salt-to-steel giant’s latest effort to expand its presence in the consumer tech space. Earlier this year, Tata Group

acquired majority stake in online grocery startup BigBasket

, and is reportedly in talks to acquire online pharmacy 1mg, according to local media reports.

Prior to today’s announcement, CureFit had raised about $418 million and was last valued at $815 million, according to insight firm Tracxn. The startup, which

expanded to the U.S. market last year

, had about 1.5 million monthly active users in India last month, according to mobile insight firm App Annie — data of which an industry executive shared with TechCrunch.

“Joining Tata Digital marks an exciting new step for me and my team and is a recognition of the value we have created with CureFit for fitness enthusiasts in India,” said Bansal, who sold his previous venture Myntra to Flipkart, in a statement.

“Being part of Tata Digital will enable us to nationally scale up our offerings for our customers,” he added.

This is a developing story. More to follow…