Mukesh Bansal has stepped down from Swiggy’s board, which he had joined just six months ago. According to a Mint report, he made the decision to avoid a conflict of interest, seeing as how CureFit, which he co-founded with Ankit Nagori, will be foraying into the subscription-based health food delivery business.
A health and fitness startup, CureFit had raised $15 million in Series A funding from Accel Partners, Kalaari Capital, and IDG ventures in June last year, and has already acquired Bengaluru-based fitness centres Cult and The Tribe.
This March, CureFit acquired Kristys Kitchen, an online food delivery startup specialising in healthy international cuisine. According to Mint, Kristys Kitchen is already operationally cash positive and services over 250 orders a day.
CureFit has also acquired mental wellness service provider Serenity Mental Health.
All these acquisitions make CureFit's plans to completely capture the health and fitness space evident.
Apart from Swiggy, Mukesh has also been on the board of Rivigo as an independent director. Swiggy has so far raised $75 million and Rivigo about $115 million.
Although subscription-based food delivery is yet to pick up, the domain does have a few players like Truweight, where incidentally Kalaari is an investor too.
Apart from that, there are other health food delivery startups like Mumbai-based Grubit, Hyderabad-based LeanSpoon, Gurgaon-based First Eat, New Delhi-based HealthyBox, and a few in Bengaluru.
The food delivery space is already dominated by Swiggy and Zomato, and with newer competitors like UberEATS coming in, will CureFit be able to make a dent in the space? Only time will tell.
(Disclaimer: Kalaari Capital is an investor in YourStory.)
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