Ex Flipkart executives Ankit Nagori and Mukesh Bansal’s CureFit, a healthcare and fitness start-up has raised $15 million from Accel Partners, IDG Ventures and Kalaari Capital.
Nagori and Bansal who resigned as commerce platform head and chief business officer, respectively, from Flipkart in February teamed up to launch online healthcare platform Curefit which will address the concept of preventive healthcare through a combination of engagement, coaching and delivery through a mix of online and offline channels.
The healthcare platform which will launch in the first quarter of 2017 plans to use the funds for product development and enhancing the technology backbone of the venture. While Bansal will be responsible for technology and product development at Curefit, Nagori will focus on operations and business strategy. The company has hired 10 employees to work on product, technology and other functions.
As per the deal, Vani Kola, Managing director at Kalaari Capital, joins the board of the company. All of the three investors has also backed Bansal in his previous venture Myntra, which was bought by Flipkart in May 2014 in a $330 million-plus deal.
“Healthcare is one of the largest growing segments in India. We aim to build out an innovative product which will help the consumers manage their health proactively with heavy use of technology and data,” said Mukesh Bansal.
“We will offer solutions to all people who want to live healthily and avoid lifestyle diseases. So, we will first focus on preventive healthcare and then expand to other areas. We’re looking at this market as a 8-10 year play, he added.
“Currently there are multiple service offerings available in the market in a fragmented manner, but none of them lets users manage their health needs end to end. CureFit is 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,” said Ankit Nagori.
Subrata Mitra, Partner, Accel Partners said, “We believe that pro-active health management is a large space, and requires the right mix of online & offline expertise to master, which we believe this team can effectively put together.”
“Healthcare spend in India was still a low 5% as opposed to 13% in developed economies and 18% in the US. People go to a doctor only when they don’t feel well. We are trying to change that by bringing down the curative spend by giving a healthier lifestyle option through preventive healthcare, which essentially boils down to eating right, right sleeping schedule, working out and being mentally fit. Our platform will aim to do that to consumers through creating ease of access to each of these,” said Nagori.