Mukesh Bansal and Ankit Nagori's CureFit raises $15M from Accel, IDG and Kalaari
CureFit, started by former Myntra and Flipkart executives Mukesh Bansal and Ankit Nagori earlier this year, announced on Monday that it had raised $15 million from Accel Partners, IDG Ventures and Kalaari Capital. To be launched in 2017, CureFit will be a platform that will enable users to manage their health proactively through a gamut of service offerings.
Curefit aims to be an innovative combination of engagement, coaching and delivery, through a mix of online and offline channels. The startup believes that both experiences seamlessly integrated will provide end-to-end proactive health management to consumers. Through this solution, consumers will be able to enjoy better quality of life, reduce the probability of falling sick and significantly reduce risks for long-term chronic diseases.
Through a video listed on their website, Curefit wonders,
What if science, technology and data came together to step up the biological state of man (and woman)?
Curefit is currently looking to hire people passionate about 'math and DNA, science and psychology, problems and imagination' and has a challenge on their website with a downloadable 'code and key'.
Curefit's investors Accel Partners, IDG Ventures and Kalaari Capital have worked with the founders at Myntra and Flipkart and would be looking forward to replicating their previous bouts of success. Subrata Mitra, Partner, Accel Partners believes that proactive health management is a large space, and requires the right mix of online and offline expertise to master. He adds,
It's a complex problem, and therefore needs the right entrepreneur to address. This is where the combined strength of Mukesh and Ankit would be invaluable, we thought. Mukesh is an outstanding entrepreneur and CEO. Adding Ankit provided the right balance of strategy and execution to the team."
Sudhir Sethi, MD, IDG Ventures says, "Mukesh and Ankit are launching a formidable venture in the health and fitness space. After Myntra, IDG Ventures is delighted to back Curefit."
Vani Kola, MD, Kalaari Capital, who joins the board of the company, added, "We're delighted to partner with Mukesh and Ankit on their next entrepreneurial journey. Health and fitness are perhaps the most important segments that will be disrupted by technology in the next decade. We look forward to working with this seasoned team on this tremendous opportunity."
Mukesh notes that healthcare is one of the largest growing segments in India and is estimated to be a $280-billion market by 2020. Ankit believes that though there are multiple service offerings available in the market, they tend to be fragmented, and none cater to the end-to-end needs of users. Talking about his venture, he claims,
CureFit is an end-to-end solution that will enable users to take full control of their health to improve the quality of life and reduce long-term healthcare costs.
Tencent-backed Practo and Accel-backed Portea are two big players in the healthcare space in India. It is estimated that around four billion transactions happen in the healthcare sector every year In India. Over the past few months, healthtech has been buzzing, with startups getting involved in hospital management systems, doctor discovery, delivery of medicines, and now more importantly home healthcare services.
Curefit believes that going forward-
Smart minds will frame any problem into an algorithm, AI [artificial intelligence] will rapidly crunch it, genome research will drive evolution. And that’s how healthcare will transform at a global level in the next decade.
(Disclaimer: Kalaari Capital is an investor in YourStory)