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<ul><li>The <keyword id="10031551" type="UNKNOWN" weightage="20" keywordseo="indian-space-startup">Indian space startup</keyword>, <keyword id="7537495" type="UNKNOWN" weightage="20" keywordseo="Skyroot-Aerospace">Skyroot Aerospace</keyword>, has successfully test-fired its first solid rocket propulsion stage demonstrator called Kalam-5.</li><li>Kalam-5 uses the same propellant, materials, and interface as the motors that will be installed on Vikram-1 — in line to become India’s first privately designed, developed and tested rocket in 2021.</li><li>Skyroot Aerospace is backed by Myntra founder <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword> and other angel investors with $4.3 million in the bag and plans to raise another $15 million next year.</li></ul>India’s first-ever privately designed and developed rocket, Vikram-1, is a step closer to becoming a reality. Founded by two former scientists of the <keyword id="116095" type="ORGANIZATION" weightage="20" keywordseo="Indian-Space-Research-Organisation">Indian Space Research Organisation</keyword> (<keyword id="6358064" type="UNKNOWN" weightage="20" keywordseo="isro">ISRO</keyword>) — Pawan Kumar Chandana and Naga Bharath Daka — the company behind the rocket, Skyroot Aerospace, has successfully test-fired its first solid rocket propulsion stage demonstrator called Kalam-5. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> Kalam-5 uses the exact same propellant, materials, and interface as the three solid propulsion stages of the Vikram-1 launch vehicle, according to Chandana. It is the first of the five Kalam engines that Skyroot plans to test. "The 'Vikram-1' rocket has three solid fuel-powered stages each with a burn time ranging between 80 and 100 seconds. The full scale solid fuel stage will be tested at the ISRO facility soon. The burn time will be 100 seconds," he said. With this milestone out of the way, the company is on-track to launch its <a href="https://www.businessinsider.in/science/space/news/skyroot-aerospace-successfully-tests-homegrown-rocket-engine-is-on-track-for-its-first-full-rocket-launch-by-2021/articleshow/77506716.cms">first full rocket next year.</a> "We will be signing the non-disclosure agreement with the Department of Space in order to get access to ISRO facilities. The full scale solid fuel stage will be tested at ISRO's rocket port in Sriharikota in Andhra Pradesh," Chandana added. <div type="image" title="3_edited" msid="79989150" hostid="261" caption="&amp;lt;p&amp;gt;Vikram-series of launch vehicles that Skyroot Aerospace plans to develop for India&amp;lt;/p&amp;gt;"></div> Why does the success of Kalam-5 matter? Propulsion systems are where the actual magic happens to get rockets off the planet and into space. If anything goes wrong, infamous results can range from pre-launch explosions to the rocket simply falling out of the sky. Making sure that the propulsion system not only works properly but also provides an adequate thrust to beat gravity is crucial to the success of any rocket. <div type="image" title="2_edited" msid="79989119" hostid="261" caption="&amp;lt;p&amp;gt;Kalam-5 test fired at private facility on December 22 in Nagpur&amp;lt;/p&amp;gt;"></div> Kalam-5 is a solid motor. These are high thrust, low-cost rocket engines with propellant in solid form. In addition to being cost-effective, they are also highly reliable with fewer moving parts. Right now, Kalam-5 gives a peak sea-level thrust of 5.3kN, can handle the pressure of 66 atmospheres and temperatures of up to 30,000 degrees Celsius. It is only one-fourth the size of the solid motor in Vikram 1’s third stage. “Kalam-5 uses 15 different advanced materials, nine different manufacturing processes and has zero moving parts,” Chandana explained. Skyroot is backed by investors like Solar Industries, Vedanshu Investments, and Myntra founder Mukesh Bansal. It has raised $4.3 million till now and is in the process of raising another $15 million in 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a> <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a>

India’s first-ever privately designed and developed rocket is a step closer to becoming a reality in 2021

<keyword id="8187544" type="COMPANY" weightage="20" keywordseo="tata-digital">Tata Digital</keyword>, a subsidiary of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>, on Monday announced to invest up to $75 million in fitness startup <keyword id="3465872" type="COMPANY" weightage="20" keywordseo="curefit">CureFit</keyword>. <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, CureFit Founder and CEO, will join Tata Digital as President, Tata Digital. In addition, he will continue in his leadership role at CureFit, the company said in a statement. "The CureFit partnership with its industry leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an <keyword id="1261040" type="PERSON" weightage="20" keywordseo="integral-part">integral part</keyword> of a consumers' life," said <keyword id="161053" type="PERSON" weightage="20" keywordseo="N-Chandrasekaran">N. Chandrasekaran</keyword>, Chairman Tata Sons. Tata Digital set up its operations in August 2019, to build consumer centric digital businesses for deep consumer engagement and their needs across multiple verticals. On the other hand, CureFit is a leading player in a fitness and wellness market that is growing at 20 per cent per annum and is expected to reach $12 billion by 2025. Before the today's announcement, CureFit had raised nearly $418 million. "Being part of Tata Digital will enable us to nationally scale up our offerings for our customers. Tata Digital has highly inspiring vision to create next generation consumer platform and I am very excited to be part of Tata Digital team that is shaping this vision," said Bansal. Curefit offers a holistic range across fitness and yoga, mental wellbeing, healthy meals, and consultations, diagnostics as well as personal training. "Tata digital partnership will significantly accelerate Cure.fit's growth as a fitness and wellness leader and it will open up access to large set of new consumer base," said <keyword id="145348" type="PERSON" weightage="20" keywordseo="Sudhir-Sethi">Sudhir Sethi</keyword>, Chairman Chirate Ventures from CureFit board. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

Tata Digital to invest $75 million in fitness startup CureFit

<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

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

<ul><li>Indian health startup cure.fit has raised $120 million in a series D round. </li><li>In May, Business Insider reported that cure.fit had raised $75 million in the first tranche of the round. </li><li>Cure.fit now plans to take up its centres from 180 to 800 in India and Dubai.</li></ul>Indian health and fitness startup cure.fit has raised $120 million in a Series D round of funding. In May 2019, a paper.vc <a href="https://www.businessinsider.in/curefit-raises-75-million-from-anand-piramal-accel-partners-and-others/articleshow/69215063.cms">report </a>said that the startup raised $75 million in the first tranche of the series D round. <keyword id="3465872" type="PERSON" weightage="20" keywordseo="curefit">Curefit</keyword> was founded in 2016 by Myntra co-founder <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword> and former Flipkart Chief Business Officer Ankit Nagori. It has fitness centres under the Cultfit brand and a health app called Curefit. It also has diagnostic centres called Carefit and yoga and meditation centres called mindfit. "Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over the next 10 years," said Bansal. In three years, the startup registered 4 lakh users for curefit, with 180 centres across Bengaluru, Delhi NCR, Mumbai and Hyderabad. All these provide an annual revenue of $100 million. The company now plans to grow to 800 centres by 2020. The startup has also expanded its operations to Dubai. This recent round was led by Chiratae Ventures, Accel Partners, Kalaari Capital &amp; Oaktree Capital, while new investors like Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank too chipped in. Curefit’s <a href="https://www.livemint.com/companies/start-ups/curefit-raises-75-million-valuation-crosses-500-million-1557206291458.html">reported</a> valuation is pegged at $500 million, after the latest fundraising. Earlier, the startup also raised funding from Bollywood actor Hrithik Roshan, who is also the brand ambassador since 2017. Roshan had <a href="https://inc42.com/buzz/hrithik-roshan-pours-in-878-2k-in-fitness-startup-cure-fit/">reportedly </a>invested $14.63 million into the startup. See Also: <a href="https://www.businessinsider.in/curefit-raises-75-million-from-anand-piramal-accel-partners-and-others/articleshow/69215063.cms">Three-year old Curefit clocks in $100 mn in revenue and over $245 mn in total funding</a>

Cure.fit raises $120 million in a series D round of funding

<keyword id="6354742" type="General" weightage="20" keywordseo="Flipkart" source="Orion">Flipkart</keyword> co-founder <keyword id="225032" type="General" weightage="20" keywordseo="Sachin-Bansal" source="Orion">Sachin Bansal</keyword> has moved the Madras High Court challenging a show cause notice (SCN) dated July 1 this year issued by the Enforcement Directorate (ED), which held that he and another individual were personally responsible for the alleged violation of FDI policy involving a staggering amount of approximately ₹23,000 crore. Justice R Mahadevan, before whom the writ petition from Bansal came up for hearing on Friday, pulled up the authorities for the delay of 12 years in issuing the notice and adjourned the matter by three weeks, after directing the ED and its officials to file the counters. The petition sought to quash the notice as illegal and arbitrary, insofar as he is concerned. The interim prayer is to stay its operation. The SCN was issued on the basis of a complaint filed by the Deputy Director of Enforcement in Bengaluru, for instituting adjudication proceedings under Sec.16 of the Foreign Exchange Maintenance Act (FEMA) against the petitioner, another co-founder Binny Bansal of the e-commerce giant, Accel, Tiger Global, Subrata Mitra (nominee director of Accel) and Lee Fixel (nominee director of Tiger Global) on the alleged contravention of the various provisions of the FEMA. The notice was issued pursuant to an alleged non-compliance with a condition prescribed vide the Consolidated Foreign Direct Investment Policy of 2010 dated April 1, 2010 in respect of issuance of shares of certain Flipkart group companies to foreign investors during 2009-14. According to Bansal, he ceased to have any association with Flipkart and its group of companies, pursuant to his unanticipated exit following the acquisition of Flipkart by Wal-mart International Holding, Inc. on August 17, 2018. Among other things, he contended that issuance of the SCN was arbitrary, unreasonable and patently a perverse one, as it was issued after 12 years. The complaint followed an investigation by the Directorate of Enforcement in New Delhi, which commenced in 2012, i.e. 9 years ago. He had proactively participated and cooperated in the investigation undertaken by the ED. Given the substantial lapse of time following the inquiry, the petitioner has conducted himself under the bonafide belief that after due study of the materials obtained during the course of the probe, the ED had concluded that no action was warranted in the matter. And, he had effected bonafide transfers to third parties in the intervening period and had completely exited from the Flipkart group in August 2018. However, to the utter shock and dismay, the ED issued the notices, he contended. Specifically, there is no statutory period prescribed under FEMA within which the authorities concerned were required to file the complaint for initiating the adjudication proceedings. In the absence of any period of limitation under the statute, it has been settled by the <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> in various judgments that the Constitution requires every authority, including the ED, to exercise its power to file a complaint within a reasonable time, failing which the actions taken by the statutory authority will be amenable to the writ jurisdiction of constitutional courts, petitioner said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambanis-reliance-acquires-majority-stake-in-strand-life-sciences-for-393-crore-/articleshow/85900998.cms">Mukesh Ambani's Reliance acquires majority stake in Strand Life Sciences for ₹393 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/doge-meme-nft-increases-55-times-in-value-to-220-billion/articleshow/85899796.cms">Doge meme NFT's value flies from $4 million to $220 million overnight after getting split into 17 billion pieces</a>

Flipkart's Sachin Bansal  moves Madras High Court challenging ED notice

The Lucknow Development Authority (LDA) has submitted its initial probe report on the Levana Suites hotel fire, recommending action against 22 engineers and zonal officers for allegedly conniving with the builder and turning a blind eye to illegal construction activity. The building now faces demolition since it was illegally constructed. The fire on Monday left four people dead, while seven others suffered burn injuries. The LDA has also lodged an FIR at the Hazratganj police station against <keyword id="14907942" type="General" weightage="80" keywordseo="mukesh-jasnani" source="Orion">Mukesh Jasnani</keyword> of M/S Bansal Construction and his partners for carrying out commercial activity of running a hotel on a residential plot. LDA Vice-Chairman Indramani Tripathi constituted the probe committee headed by the Authoritiy's Secretary <keyword id="3246340" type="General" weightage="80" keywordseo="pawan-kumar-gangwar" source="Orion">Pawan Kumar Gangwar</keyword> to fix accountability for the incident and the report was submitted late on Monday night. After the initial probe, the committee found engineers posted in 'Zone six' (which includes Hazratganj) since July 2, 2017 responsible for the incident. The 22 engineers/zonal officers indicted by the LDA inquiry team include executive engineers Arun Kumar Singh, O.P. Mishra (both retired), superintending engineers <keyword id="5155996" type="General" weightage="80" keywordseo="zahiruddin" source="Orion">Zahiruddin</keyword> and <keyword id="277708" type="General" weightage="80" keywordseo="kamaljeet-singh" source="Orion">Kamaljeet Singh</keyword>, assistant engineers O.P. Gupta, Rakesh Mohan, Radhey <keyword id="162719" type="General" weightage="80" keywordseo="shyam-singh" source="Orion">Shyam Singh</keyword>, Vinod <keyword id="359036" type="General" weightage="80" keywordseo="kumar-gupta" source="Orion">Kumar Gupta</keyword>, Amar Kumar Mishra, <keyword id="367444" type="General" weightage="80" keywordseo="nagendra-singh" source="Orion">Nagendra Singh</keyword> and Ismail Khan. Similarly, the junior engineers include Rajeev Kumar Srivastava, J.N. Dubey, J.D. Singh, Ravindra Srivastava, Udaiveer Singh, <keyword id="1250764" type="General" weightage="80" keywordseo="mohammad-ismail-khan" source="Orion">Mohammad Ismail Khan</keyword>, Anil Mishra, P.K. Gupta, <keyword id="14907940" type="General" weightage="80" keywordseo="sushil-kumar-varma" source="Orion">Sushil Kumar Varma</keyword>, Ambrish Sharma and <keyword id="14907941" type="General" weightage="80" keywordseo="ranganath-singh" source="Orion">Ranganath Singh</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/karnataka-govt-releases-300-crore-to-manage-flood-situation-in-bengaluru/articleshow/94018181.cms">Karnataka govt releases ₹300 crore to manage flood situation in Bengaluru</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

22 engineers, officers found guilty in Lucknow hotel fire probe

<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="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s head of commerce and advertising business, Mukesh Bansal, has resigned from the company and will continue as an advisor. 
 
Flipkart’s Chief Business Officer Ankit Nagori also called it quits. 
 
"I have been discussing this for a while with both Sachin and Binny and it felt this was right time to do it. We finalised it pretty much last month when the management restructuring happened. We have built great leaders who will take Flipkart and Myntra to new heights now. I will take a break and then think of what to do next," Mukesh Bansal told TOI. 
 
Read Mukesh Bansal’s letter to employees 
 
Time to pass on the Baton! 
 
Hi All - My incredible journey with Myntra and Flipkart comes to an end. It has been amazing nine years filled with lot of learning, privilege to work with outstanding people and chance to participate in building future industry of India that will impact hundred of millions of people. 
 
When Ashutosh and I started Myntra in 2007, we never dreamt in our wildest imagination that we will come this far. What's even more amazing is that it seems we are just getting started and the journey ahead for Flipkart/Myntra is going to be even more fascinating and at the scale that India has never seen before. 
 
Today, Myntra is by far the best fashion destination in the country and is run by a strong, passionate leadership team led by Ananth. I am confident that this team will make Myntra an iconic company which will change the face of fashion industry in India. Myntra is leading the industry with premium service, differentiated shopping experience, unique in-house brands and lot of progress towards achieving profitability. I am particularly proud of the culture at Myntra which is a huge source of strength and differentiation and inspiration for entire ecosystem. 
 
My two years with Flipkart has been nothing short of fairy tale! Sachin and Binny have built a very unique company that has practically created the eCommerce industry in India and consistently led in innovation like COD, eKart, 30 Day Returns and mCommerce. The Audacity, Flipkart first and Bias for action have been cornerstone of the Flipkart culture that enables us to dream big and consistently beat our own expectations. We are well on our way to build India's first real tech company, drive genuine innovation and transform commerce in India through technology. 
 
I have enjoyed every minute of my time with Flipkart and felt inspired every moment. In last two years, we have established very strong leadership in Fashion, transformed the business into Marketplace model, increased our Smartphone market share to 60% and built differentiators in Large. We have pivoted to completely mobile first company with 60% mCommerce market-share for the group. 
 
We have embarked on the journey to be a strong product/tech organisation with very high caliber talent. Last year, we set out to build the best leadership team in India and we have done exactly that. With the caliber of this team, I am very confident that Flipkart is in safe hands and this team is eminently capable of charting the course for next phase of Flipkart journey. 
 
I am very excited with Binny coming in as CEO and my transition will enable him to work directly with CP leadership. Binny's ability to drive execution rigour, objectivity and long term vision for Flipkart will give us best shot in dealing with the challenges that lie ahead. Binny, along with the leadership and the amazing talent pool at Flipkart will do justice to any mandate and continue to push the boundaries for eCommerce/Internet businesses in India and beyond. I will transition my role to Binny and will be available as long as required to ensure a smooth and successful transition. With this team in place and the momentum on multiple fronts, CP is in great hands and I feel confident that this is right time for me to move on to next phase. 
 
Even though my journey comes to an end, I will always be deeply emotionally connected to Flipkart and Myntra. I will continue to be available from outside as sounding board and mentor to the team. Last nine years have completely transformed me as a person and I will cherish every moment. The hardest part will be to part ways with all the incredible people I had the privilege to get to know and work with. I will seek you out over next few weeks to say my good-byes in person and to celebrate what we have achieved together. 
 
I am looking forward to a long break after my transition and catching up on my reading, travel and fitness. I will be spending bunch of time with my kids and catch up on all the fun I have missed with them all these years. 
 
With a heavy heart but lots of excitement for the future, it is time for me to sign-off! Wish you all the very best in building something that all of India will be proud of and which will be the role model of the potential of new India built through entrepreneurship and technology. 
 
My sincere thanks and regards Mukesh Bansal 
 
(Image: Indiatimes)

Big exits at Flipkart! Mukesh Bansal, Ankit
Nagori quit

<keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s co-founder <keyword id="225032" type="PERSON" weightage="100" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> confessed he was replaced as chief executive because of performance. His disclosure comes at a time when Flipkart’s employees are anguished over downsizing. 
 
During the monthly Friday meeting, Bansal said admitted even he was replaced, cooling down employees who questioned why they had to pay the price for management decisions. 
 Bansal was replaced as CEO by co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> in January and made executive chairman. 
 
"Look at the top level around you. Everyone has changed. In fact, even I am gone. Some of our targets have been missed and everyone, including the top management, has paid the price,” said Sachin Bansal during the Friday meeting. 
 Flipkart received a string of bad news recently such as valuation markdowns, high-level exits, rising competition with <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, etc. The largest online marketplace in India now wants to make profits and wants to do away with non-performing employees. 
 
Experts say Bansal's statement could win back employee trust as the e-tailer is preparing for festive season next month. 
 
"At Flipkart, we have an open and transparent culture. The town hall that we conduct regularly, is one of the pillars of this culture of openness.....While the performance management philosophy was part of the last town hall discussion, an overwhelming majority of the time was spent on discussing the great strides that Flipkart had made in its business performance," a Flipkart spokesman told ET. 
 
As soon as Bansal made the disclosure, nearly 200 employees applauded his revelation. So far, Flipkart saw many top level exits such as Myntra founder <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, chief business officer Ankit Nagori, former chief product officer Punit Soni, etc.

Flipkart’s Sachin Bansal reveals he was replaced due to performance

<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

<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

<a href="http://www.businessinsider.in/searchresult.cms?query=Prabhakar+Sunder&amp;sortorder=effectivedate"> Prabhakar Sunder</a> is a true blue <keyword id="138263" type="UNKNOWN" weightage="40" keywordseo="startup">startup</keyword> hustler. He has over seven years of experience at <a href="http://www.businessinsider.in/searchresult.cms?query=Myntra&amp;sortorder=effectivedate">Myntra</a>. He helped <a href="http://www.businessinsider.in/searchresult.cms?query=Mukesh+Bansal&amp;sortorder=effectivedate">Mukesh Bansal</a> shape the company. The company was later sold to <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> at a whopping $300 million. 
 Besides <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword>, Sunder also headed the commercial and legal functions at <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>, with responsibilities including handling the strategic and corporate finance. The guy has over 9 years of experience with audit firms like PricewaterhouseCoopers and Deloitte. 
 
Business Insider sat down with him to understand from him how you can instill a startup ‘hustler’ culture in your company. 
 
“Startup culture is embedded in the behavioral aspects of employees. It all depends on how you want to install newer processes. It’s not necessary that your startup culture would disappear while you scale. Look at <a href="http://www.businessinsider.in/searchresult.cms?query=Facebook&amp;sortorder=effectivedate">Facebook</a>”, Sunder says. 
 
I ask how a multi-national or unicorn can instill startup values. “You can choose flexible options over rules and controls. If you can instill the importance of that in people’s minds, and make them understand, people will make a lot of stuff on their own.” 
 
Startup culture has gotten a lot of flak for being all fun and no work. Sunder thinks real startup culture encompasses more than a sleek office and fun perks. It’s a place where rather than 24/7 fun, you focus on a ‘work hard, play hard’ model. 
 
“Corporate culture comes in when you make rigid rules, and start ordering people to follow it. It depends on the way you execute.”, Sunder observes. 
 
No matter what stage your business is in, a startup culture can help you keep that fresh, innovative edge that puts you a step ahead of the crowd. However, judging that the culture is new in India, some people get it all wrong. 
 
“It’ll take a while for people in power to understand how they can change the processes. Look at WordPress, they don’t even have an office!” Sunder exclaims. 
 
Like he said, it’s all about maintaining a certain culture in the work environment as your company grows. 
 
<a href="http://www.hipsters-hackers-hustlers.com/wp-content/uploads/Hustlers1.png">Image Source</a>

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