Health and fitness startup CureFit which is to be launched next year, has raised $15 million in series A round from Accel Partners, IDG Ventures and Kalaari Capital, values the health and wellness startup at about $50 million. The deal also includes an investment of $3 million by Bansal himself.

The startup was launched by former Myntra and Flipkart executives Mukesh Bansal and Ankit Nagori. The two resigned in February 2016 and teamed up to launch a startup in the area of healthcare, and sports and fitness, in March this year. CureFit will launch an app in the first half of next year that will offer preventive healthcare services. It also plans to tie up with offline health and fitness service providers such as gymnasiums. The company has hired 10 employees to work on product, technology and other functions and also expects to hire about 35-40 people by the end of this year.

All of the three investors, Kalaari, Accel and IDG, had also backed Bansal in his previous venture Myntra, the online fashion retailer that was bought by Flipkart in May 2014 in a $330 million-plus deal.

"We aim to build an innovative product, which will help consumers manage their health proactively with the use of technology and data," said Bansal, who worked at four startups in the Silicon Valley before setting up Myntra in 2007. Bansal, a computer science engineer from IIT-Kanpur, will lead the product and technology development functions while Nagori will take charge of business development and operations.

CureFit expects to offer products and solutions for preventive and curative healthcare that will combine engagement, coaching and delivery through a mix of online and offline channels.

" (It) is an end-to-end solution that will enable users to take full control of their health, improve quality of life and reduce longterm healthcare costs," said Nagori.

Healthcare startups such as Practo and 1mg are adding sport and fitness categories to boost user engagement. Just today, 1mg has announced the acquisition of Medd.in, a platform that operates a marketplace for booking diagnostic & imaging tests.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.