Zomato is acquiring a minority stake in this technology-based fitness company
Eyeing diversification Zomato will acquire 6.38 per cent in Curefit, a growing tech-based fitness platform
Zomato is making a primary investment to acquire a minority stake in Curefit and will purchase one share of the company at Rs 483.62. The total percentage of shareholding would be 6.38 per cent of the fully diluted basis, the authorized share capital of Curefit is Rs 1,264.11 crore
They are a technology company engaged in the business of providing software services to health, wellness and fitness companies. This deal is expected to be completed by December 10, 2021. The mode of payment is cash consideration - payment through electronic mode.
Curefit is a professionally managed Company with no promoter/promoter group and the acquisition of shares of Curefit by the company does not fall under related party transactions with company/group companies.
Background and Financials: Curefit Healthcare Pvt Ltd was incorporated on May 24, 2016, in India and runs the business of developing and licensing software technology, proprietary rights and brands in the health, wellness and fitness sectors.
Turnover of the last three years
- March 31, 2021 – Rs 295.8 crore
- March 31, 2020 – Rs 567.4 crore
- March 31, 2019 – Rs 232.9 crore
Today morning, Zomato opened at Rs 149.95 and reached a day high of Rs 154. At the time of writing this article shares of Zomato were trading at Rs 148.60, 0.1 per cent down for the day.