Mukesh Bansal, founder of Myntra, and Ankit Nagori, former chief business officer at Flipkart, who resigned from Flipkart in February 2016, have teamed up to launch a startup in the area of healthcare, and sports and fitness, reported Livemint.
The two are said to have the company registered over the next month. They have started hiring engineers for their startup and are pooling about $5 Mn of their own cash to fund the new venture.
Initially Bansal and Nagori had planned to launch their separate startups but eventually they decided to work together.
Talking about the association, Mukesh Bansal, said “We had a good relationship at Flipkart and over the past one month or so we had a lot of conversations about what we want to do. There is a clear linkage between healthcare, and sport & fitness. The size of the healthcare problem, in particular, is massive. We are looking at a 10-year horizon in these businesses.”
Bansal and Nagori said they will launch an app over the next year that will cater to people’s healthcare needs as well as provide sports and fitness services.
Ankit Nagori said, “The idea behind starting this business is to use technology to scale the business in industries which are waiting for disruption. In future, we may be open to other businesses also. We’ll look at financial services, education, skill-building. The overall charter is to find a way to scale businesses and to touch a billion lives.”
As per Nagori, sports and fitness possess an aggregating opportunity. There is a need to connect the players, their coaches, their referees, their communities. The two are currently in the process of determining the underlying infrastructure of the same.
The healthcare market in India is expected to reach $280 Bn by 2020 at a CAGR of 22.9%. Earlier in March, Healthenablr raised about 800K from a mixed group of professionals including names from Silicon Valley and Hong Kong. Prior to that, medECUBE raised about $4 Mn (INR 25 Crore) in series A funding from Artiman Ventures. Other players in this sector include Practo, eKincare, Lybrate, Ziffi, Qikwell, Care24, etc.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.