Curefit, an Indian startup that operates numerous services ranging from gym to cloud kitchen areas, is seeing Ankit Nagori, one of its co-founders, switching his shares at the firm to get a bulk stake in its food subsidiary CureFoods, which operates Eat.Fit, the cloud kitchen brand, regional media The Economic Times reported, pointing out sources.
Regulatory filings reveal that Nagori holds about a 7.6%stake, which is worth around USD 56.8 million, in Curefit prior to the offer.
After the equity swap, Nagori is expected to hold “a 60-80%stake in CureFoods, with the rest owned by Curefit,” according to the same ET story.
The offer comes on the heels of Bengaluru-based Curefit’s current spinoff of Eat.Fit as an independent entity earlier this month. This has led to speculations that Nagori is looking to leave Curefit the company he co-founded in 2016, local tech media Entrackr composed, pointing out 3 sources in the know.
Curefit has actually rebutted the report of Nagori totally exiting the company.
” Ankit Nagori is not leaving Curefit. He will continue to be on the board of Curefit and will likewise have a stake in Curefit and will deal with Mukesh Bansal on tactical matters,” the company stated in an email declaration in response to the Entrackr story. Bansal is the co-founder of Curefit.
Nagori will remain on the board of Curefit while after the equity swap, he will be honing his concentrate on reigning over Eat.Fit.
The earlier spinoff will also allow Eat.Fit for independent fundraising. As of now, it still has a three-year runway through CureFoods after the
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