New Delhi, December 7, 2021: Saraf and Partners has advised Zomato Limited on acquisition of balance shareholding in subsidiary Fitso from the Founders and subsequent onward sale of entire 100% stake in Fitso to Curefit for a consideration of about USD 50 million (approximately Rs. 375 crore).
The Law Firm also acted for Zomato Limited in acquisition of 6.38% shareholding in Curefit Healthcare Private Limited for about USD 100 million (approximately Rs 750 crores) as part of a larger Series F round.
In a press statement, the Law Firm said it acted for Zomato Limited in the sale of 100% stake in its subsidiary Jogo Technologies Private Limited (or Fitso) to Curefit Healthcare Private Limited and affiliates.
As part of this transaction, Zomato has sold its entire shareholding in Fitso to Curefit for an aggregate consideration of approximately USD 50 million (approx Rs 375 crore). Prior to the sale, and as part of the overall transaction, Zomato also acquired the Founders’ remaining shareholding in Fitso of approximately 35.44%, it said.
Fitso is a full-stack sports provider, engaged in the business of standardisation of fitness facilities and provision of sports coaching services on a subscription basis.
The press statement said Saraf and Partners acted as counsel to Zomato and acted on all aspects of the transaction.
The transaction team was led by Partners Vikrant Kumar, Vaibhav Kakkar and Akshay Jain, who were supported by Associates Anina D’Cunha, Prarthna Bathija, Udyan Arya Shrivastava, Samarth Vijay and N. Sivaraman. Shardul Amarchand Mangaldas (SAM) acted on behalf of Curefit.
Saraf and Partners also acted for Zomato Limited in acquisition of 6.38% shareholding in Curefit for approximately USD 100 million (Rs 750 crores) as part of a larger Series F round, the statement said.
Curefit is a technology company, engaged in the business of owning, developing and licensing software technology and proprietary rights including in relation to online technology platforms, specifically the ‘cult.fit’ platform which operates as a touchpoint for customers to register and experience service offerings including access to physical training centres, online training services, tele-consultation and diagnostic test services and purchase of various kinds of merchandise and food items.
S&P acted as counsel to Zomato and acted on all aspects of the transaction. The transaction team was led by Partners Vikrant Kumar, Vaibhav Kakkar, Akshay Jain and Snigdhaneel Satpathy, who were supported by Associates Anina D’Cunha, Prarthna Bathija, Udyan Arya Shrivastava, Mincy Mathew, Samarth Vijay and N. Sivaraman. Indus Law acted on behalf of Curefit.