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<keyword id="705865" type="PERSON" weightage="100" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, who once headed Flipkart's commerce platform and co-founded Myntra, has found a new way to keep himself occupied. Bansal is backing a Bengaluru-based start-up called Cult, as he looks to tap the fitness market. The amount that he has invested in the start-up remains unknown. 
 
Cult is focused on training programmes without using any traditional gym equipment. 
 
It was only a few days back that Bansal had announced a new venture in the healthcare and fitness space along with Ankit Nagori, his former colleague from Flipkart. Both Bansal and Nagori had quit Flipkart in February. 
 
"This is a unique and interesting idea in the space of fitness. I have personally trained here and realize the potential it has to offer. They are looking to expand within and outside of Bengaluru with the fresh capital," Bansal told TOI. 
 
There are talks of Cult's services being integrated with Bansal's new healthcare start-up, even though nothing has been officially announced. 
Talking of Cult, it is co-founded by Rishabh Telang and his brother-in-law Deepak Poduval, and has been operating since May last year. Along with an existing centre in the suburbs of Bengaluru, there are plans to open a few more centres in Bengaluru before they expand to other cities. 
 
<a href="http://bsmedia.business-standard.com/_media/bs/img/article/2016-02/24/full/1456258838-323.jpg">Image source</a>

Ex-Flipkart honcho Mukesh Bansal invests in Bengaluru-based fitness start-up

<keyword id="705865" type="PERSON" weightage="100" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, the co-founder of Myntra, has bagged a funding for his new start-up called <keyword id="3465872" type="UNKNOWN" weightage="100" keywordseo="curefit">CureFit</keyword>. The investment has come from a group of marquee investors, who had also backed his maiden venture. 
 
The investors include Accel Partners, IDG Ventures India and Kalaari Capital, who all participated in the $15-million round, which also had an investment of $3 million by Mukesh Bansal himself. 
 
As per the deal, the health and wellness start-up has been valued at about $50 million. 
 CureFit was founded by Bansal, after he quit Flipkart in March last year, in partnership with former colleague <keyword id="2350508" type="COMPANY" weightage="100" keywordseo="Ankit-Nagori">Ankit Nagori</keyword>, and will open for business early next year. 
 
"We aim to build an innovative product, which will help consumers manage their health proactively with the use of technology and data," Bansal told <a href="http://economictimes.indiatimes.com/small-biz/startups/mukesh-bansals-new-startup-curefit-bags-15-million-funding/articleshow/53053515.cms">ET</a>. 
 
Bansal will be leading the product and technology development functions at the start-up, while Nagori will be in charge of business development and operations. 
 
CureFit will offer products and solutions for preventive and curative healthcare to its users, combining engagement, coaching and delivery through a variety of both online and offline channels. 
 
The start-up currently employs about ten people and expects to hire about 35-40 more people in the coming six months. 
 
<a href="http://d152j5tfobgaot.cloudfront.net/wp-content/uploads/2016/02/kstart-eventpics-04.png">Image source</a>

CureFit, Mukesh Bansal's new start-up, gets funding worth $15 million

In what is being termed as the biggest acquisition ever in the Indian e-commerce space, online retailer <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> has bought out fashion e-tailer <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>.com. The move is being seen as a response to counter its fast-growing rival <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
Although it was not officially confirmed, analysts’ speculations pegged the buyout at over $300 million. 
 
However, both companies will work independently for now and there is no immediate plan to merge their fashion businesses. 
 
As per the deal, Myntra CEO Mukesh Bansal will join Flipkart’s board and will head the fashion vertical at both Flipkart and Myntra. While Myntra employees will ‘remain in current positions,’ they will also be offered stock options in Flipkart. 
 Flipkart co-founder <keyword id="225032" type="PERSON" weightage="100" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> insisted that it was a ‘completely different acquisition story’ as it was not ‘driven by distress.’ The heads of both the companies said they were scripting “one of the largest e-commerce stories.” 
 
According to Mukesh Bansal, Myntra alone holds 30% of the market share and together, both the companies will account for 50% of the online fashion market. “We hope to take this figure to about 60-70% in the long term,” he said. 
 
Sachin Bansal further said that Flipkart would invest $100 million in its own fashion vertical in the near future.

Flipkart Acquires Fashion E-tailer Myntra For $300
Million

Technology is emerging as the biggest battlefront for Indian eCommerce and software firms. With leading companies as Infosys and <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> hiring engineers groomed in toptier US companies to acquire the domain edge they need to dominate rivals, the need for efficient employee seems to have peaked up. No wonder they are poaching talent from the competition—even from <keyword id="6355629" type="CITY" weightage="60" keywordseo="Google">Google</keyword>. A news report by the Economic Times has confirmed thatBengaluru-based eCommerce giant Flipkart is hiring another top engineer from Google, highlighting a trend among the country's fast-growing companies to tap into <keyword id="6357722" type="COMPANY" weightage="60" keywordseo="silicon-valley">Silicon Valley</keyword> for talent to bolster their technology fronts. 
 Sources have informed the financial daily that Peeyush Ranjan, a senior engineering director at Google, will join Flipkart's commerce division led by <keyword id="705865" type="PERSON" weightage="80" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword> in a key role. 
 This is nothing new, since the company had hired another Google <keyword id="2796851" type="UNKNOWN" weightage="60" keywordseo="engineering-leader">engineering leader</keyword>, <keyword id="278552" type="PERSON" weightage="60" keywordseo="Punit-Soni">Punit Soni</keyword> as a <keyword id="2796852" type="UNKNOWN" weightage="80" keywordseo="chief-product-officer-in-the-same-division">chief product officer in the same division</keyword> last month. Soni will join Flipkart this month and Ranjan likely in May. As per the news report, Mukesh along with Flipkart co-founder <keyword id="225032" type="PERSON" weightage="80" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> had met around three-dozen potential hires in the Valley last month. 
 
(Image: India Times)

Flipkart goes shopping in Google!

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> recently invested ₹200 crore in <keyword id="6397591" type="ORGANIZATION" weightage="20" keywordseo="piramal-enterprises">Piramal Enterprises</keyword>’ debt. </li><li>Reports say that these funds will be used by the firm in the financial services sector. </li><li>Meanwhile, <keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> and <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> are reportedly in talks to start a consumer lending venture, which could also see investment from Softbank.</li></ul>Flipkart co-founder Sachin Bansal has long been rumoured to make a comeback with a venture in the financial services sector. His recent investments seem to be solidifying those claims. Bansal invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> itself will infuse these new funds into its financial services sector. <a href="https://www.timesnownews.com/business-economy/companies/article/exclusive-new-ambani-piramal-marriage-for-consumer-lending-and-with-softbank/453023">Reports </a>also say that Piramal Enterprises’ Ajay Piramal and Mukesh Ambani’s Reliance Jio whose children are married, will be turned business partners as well. They are expected to launch a consumer lending venture, which could be backed by Softbank. Piramal Enterprises is finalising an investment of over ₹9,600 crore by the Japanese investment firm, said the reports. In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. Bansal had made an investment of ₹250 crore each through his company BAC Acquisitions. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018. Apart from his investments in the financial sector, Bansal had also recently invested in the ride hailing unicorn Ola and electric bike startup Ather Energy.

Sachin Bansal is strengthening his base in financial services with big investments

<a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Punit Soni</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>’s Chief Product Officer has quit, in about a year of joining. <a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Soni</a> was responsible for significantly enhancing the product design capability and hiring a robust tech team. 
 
Before <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Soni</a> was a Google executive with expertise in mobile technology. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> and ex-CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Sachin+Bansal&amp;sortorder=effectivedate">Sachin Bansal</a> had been denying Soni's move for over three months. However, now the company has confirmed Soni’s departure. 
 
At Google, <a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Soni</a> was responsible for managing and launching products such as mobile apps for the search giant and Moto G for Motorola Mobility. 
 Soni’s exit comes after <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword>'s commerce platform head <a href="http://www.businessinsider.in/searchresult.cms?query=Mukesh+Bansal&amp;sortorder=effectivedate">Mukesh Bansal</a> and Chief Business Officer <keyword id="2350508" type="COMPANY" weightage="100" keywordseo="Ankit-Nagori">Ankit Nagori</keyword> quit the company earlier this year. 
 
<a href="http://static4.businessinsider.com/image/550011f76bb3f7eb60215c96-960/punit-soni.jpg">Image source</a>

Another blow to Flipkart: Chief Product Officer Punit Soni bids adieu

BANGALORE|NEW DELHI: Even a decade ago, the name "Bansal" would have brought in images of coaching classes in Rajasthan's Kota, but today it is the common factor binding the who's who of India's fledgling e-commerce sector. 
 Five young men who answer to that name have emerged as trailblazers of Indian e-commerce, taking on global biggies like <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> and eBay for top honours in the country's exploding market for online retail. 
 Online marketplaces <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, apparel retailer <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> and eyewear retailer <keyword id="1518229" type="PERSON" weightage="80" keywordseo="Lenskart">LensKart</keyword> all have Bansals at the helm. Such is their clout that they account for nearly Rs 10,000 crore of the total online retail pie of about $2 billion. 
 
But their adeptness at trade and commerce is not a state secret. As a sub-sect of the Aggarwal community, the Bansals are known for running a tight ship when it comes to business and entrepreneurship. 
 "We (Bansals) have the math, <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> and data skills that are extremely important for e-commerce," said Rohit Bansal who teamed up with schoolmate and Wharton alumnus Kunal Bahl to set up online marketplace Snapdeal in 2010. 
 
 
 
The Bansals of the new economy also sport degrees from IIT and IIMs. The five Bansals with their four companies - Flipkart, Myntra, Snapdeal and LensKart - set up shop within the last seven years and control about 85% of India's entire e-tailing industry. 
 
But they have to contend with the might of $75-billion (Rs 4.5 lakh crore) Amazon, which entered India last year and is investing heavily. Heading the fightback are <keyword id="225032" type="PERSON" weightage="40" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, 32, and Binny Bansal, 31- founders of Bangalore-based Flipkart - who met each other while studying at IIT-Delhi. Their company today generates about Rs 6,100 crore in sales, half the industry total.Flipkart is also the biggest challenge for Amazon, a company where both the Bansals honed their skills before setting up on their own in 2007. Coming second is Snapdeal, whose Rohit Bansal, 31, graduated ahead of Sachin and Binny from IIT Delhi. <div style="page-break-after: always;">
	&#xa0;</div>
 
 "My ancestors from my paternal and maternal sides have all been <keyword id="80597" type="POSITION" weightage="40" keywordseo="Businessmen">businessmen</keyword>," said Rohit Bansal, who is from Malout, a small town in Punjab, just four hours from Chandigarh where the Bansals from Flipkart grew up. 
 
Snapdeal’s turnover is now half of Flipkart, and it is expected to cross the $1 billion mark next year. The Bansals are making a mark not just in horizontal marketplaces, but also single-category retail. Bangalore-based Myntra Designs, founded by another IITian Mukesh Bansal, is giving stiff competition to Flipkart in apparel, one of the highest-margin categories, where profits range from 30% to 50%. 
 “It has come full circle with me getting in fashion retail online,” said Mukesh Bansal, <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> at Myntra, who hails from Haridwar. His father had opted for a public sector job over joining the family business — ironically, clothes trading. “No family influence made me think of entrepreneurship. But the startup bug bit me in Silicon Valley,” said Myntra’s Bansal, 38, who moved to India to start Myntra in 2007. His venture is targeting sales of Rs 1,500 crore next fiscal from apparel sales, the largest in its category. 
 
LensKart, founded by another Peyush Bansal, 30, is considering selling his other portals such as WatchKart, BagsKart and JewelKart to a horizontal player at the ‘right price’ to focus on the eyewear market. “My parents didn’t understand while I was starting up. But they came around later. You have to understand that they are products of their generation,” said Bansal, who is targeting revenue of Rs 100 crore from LensKart next fiscal. 
 
RBI Chair Professor for Economics &amp; Social Sciences at IIM Bangalore Charan Singh says that a community’s dominance over a certain trade is a factor of its social interactions. “It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry.” Ashish Jhalani, head of retail advisory firm eTailing India, agrees. “Certain communities in India do encourage entrepreneurship. The Bansals and Aggarwals have definitely dominated businesses in India, particularly retail trading, for centuries.”

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

India’s ecommerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is in acquiring mode. The intention is to be an online market where each and everything under the sun will be available for grab. And how to achieve so? 
 
Well, as per a news report in The Economic Times, Flipkart is scouting for more mobile-focused companies to acquire this year, both for their technology and employees, as it looks to build capabilities that it expects will give it an edge over rivals. 
 "Overall, we feel that the startup ecosystem is growing very rapidly and most innovation is on the mobile platform, so we are very actively looking at every opportunity for talent purposes," Mukesh Bansal, head of Flipkart's commerce platform and chief executive of its fashion arm <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> told the ET. 
 As per the ET report, Flipkart has bought mobile marketing automation platform Appiterate for an undisclosed sum last month. In March, it acquired mobile ad network AdIQuity, and in January, bought a stake in auctions startup <keyword id="2849071" type="UNKNOWN" weightage="20" keywordseo="WeHive-Technologies">WeHive Technologies</keyword>. 
 
Sachin Bansal, group CEO of Flipkart and the head of its newly carved advertising business, told the financial daily, the company will begin advertising on Myntra's mobile app in a few months. "We are thinking of native and video advertising on the mobile and are experimenting with that," he said. "Banners and all don't work well on mobile." 
 (Image: <keyword id="-101" type="COMPANY" weightage="20" keywordseo="India-Times">India Times</keyword>)

If yours is a mobile focused company, Flipkart may acquire it

<ul><li>Cult.fit fitness center which is run by the startup Cure.fit, will now open five spaces in <keyword id="23412" type="CITY" weightage="20" keywordseo="Jammu-Kashmir">Jammu &amp; Kashmir</keyword>. </li><li>The Indian government recently scrapped Article 370, separating Jammu &amp; Kashmir and Ladakh and turning them into union territories.</li><li><keyword id="3465872" type="PERSON" weightage="20" keywordseo="curefit">Curefit</keyword> was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. </li></ul>Indian fitness startup Cure.fit which runs fitness chain Cult.fit, is now all set to open five centres in the newly formed of union territory of Jammu &amp; Kashmir. This comes in days after the Indian government brought the valley under its rule, and divided the state into two union territories. It also scrapped Article 370 and Article 35A which were holding back investments as it forbid anyone who isn’t a Kashmiri, from owning land in the valley. Now, that situation has changed. “We are happy to announce our foray into the newly created union territory of Jammu &amp; Kashmir through cult.fit fitness centres. The recent announcement from the Government of India potentially opens up opportunities for our business growth and also create job opportunities. We intend to foray with five cult.fit fitness centres and keep on working to expand our offerings,” said Ankit Nagori, co-founder, cure.fit. Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. It has fitness centers under the <keyword id="6825388" type="UNKNOWN" weightage="20" keywordseo="cultfit">Cultfit</keyword> brand and a health app called Curefit. It also has diagnostic centers called Carefit and yoga and meditation centers called mindfit. In three years, the startup registered 4 lakh users for curefit, with 180 centers across Bengaluru, Delhi NCR, Mumbai and Hyderabad. All these provide an annual revenue of $100 million. The company now plans to grow to 800 centers by 2020. See Also: <a href="https://www.businessinsider.in/indian-government-is-recruiting-1300-engineers-and-architects-for-jammu-and-kashmirs-metro-project/articleshow/70582043.cms">Indian government to ‘reorganise’ Jammu and Kashmir — plans to hire 1,300 engineers for its first Metro project</a>

Cult.fit will now open 5 centers in the newly formed union territory of Jammu & Kashmir

If you are someone who keeps a tap on eCommerce discounts and click on that ‘Buy Now’ button whenever the prices are low, then here is a good news. <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> is preparing for a second biggest online discount sale. This move by the eCommerce giant comes at a time when it is gunning for primacy in three focus areas — social shopping, mobile interface and data mining. 
 As per a news report by The Economic Times, the Bengaluru-based start-up is looking to forget the logistical fiasco that marred its highly touted '<keyword id="2546653" type="UNKNOWN" weightage="60" keywordseo="Big-Billion-Day">Big Billion Day</keyword>' sale last year.It is scrambling to scale-up its technology backend and improve customer experience. "We are again going to plan our Big Billion Day this year and for that support and scale are a big priority," <keyword id="705865" type="PERSON" weightage="60" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, chief executive of commerce at Flipkart told the ET. "Infrastructure and data centre to support scale, dealing with the transformation to mobile, and incorporating social shopping will be focus areas," added Bansal, who sold his fashion website Myntra to Flipkart last summer. He has since steadily risen to take charge of daily operations at the eight-year-old Flipkart, which is battling fierce competition from Softbank backed Snapdeal and <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>. 
 
Last year’s bonanza on October 6 had earned Flipkart more than $100 million (Rs 622 crore) from 1.5 million customers’ order on a single day of shopping. Hit by glitches, this time, the range of goods is expected to be wider and will require the support of third-party vendors, said experts. 
(Image: India Times)

You Searched For "Mukesh Bansal" and got 10 results

Ex-Flipkart honcho Mukesh Bansal invests in Bengaluru-based fitness start-up

BI India Bureau

CureFit, Mukesh Bansal's new start-up, gets funding worth $15 million

BI India Bureau

Flipkart Acquires Fashion E-tailer Myntra For $300 Million

BI India Bureau

Flipkart goes shopping in Google!

BI India Bureau

Sachin Bansal is strengthening his base in financial services with big investments

Sanchita Dash

Another blow to Flipkart: Chief Product Officer Punit Soni bids adieu

BI India Bureau

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

Economic Times

If yours is a mobile focused company, Flipkart may acquire it

BI India Bureau

Cult.fit will now open 5 centers in the newly formed union territory of Jammu & Kashmir

Sanchita Dash

Flipkart readies for another Big Billlion Day, minus the glitches, of course!

BI India Bureau

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