After quitting Flipkart last month, top executives Mukesh Bansal and Ankit Nagori have teamed up to launch a sports, fitness and healthcare start-up. With an investment of $5 million, the company will be based out of Bangalore, LiveMint reports. While the hiring of engineers has already started, both are likely to register their company over the next month. The company will also be launching an app to offer healthcare, sports and fitness services to its customers. Also Read - India government drafts framework to combat fake reviews on e-commerce websitesAlso Read - Walmart reportedly raising up to $3 billion for Flipkart to expand India business
India will be a $3 trillion economy over the next few years, and 7-8% of spends will be on healthcare, sport and fitness, which make them very large categories. 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, Nagori, who served at Flipkart as chief business officer told the publication. Also Read - How to not get scammed when ordering phone or electronics from e-commerce platforms
At the time of leaving Flipkart, Nagori and Bansal had planned to launch their separate startups, but after several conversations over the last month, they decided to team up. The initial investment of $5 million will be used for two brands, one catering to sports and fitness and the other one catering to healthcare services.
The sports and fitness sector only has a few startups, and to boost user engagement, healthcare startups such as Practo and 1mg have been adding sport and fitness categories to their services.
In sports and fitness there is an aggregating opportunity. The players, their coaches, their referees, their communities there s a need to connect all of them and help form communities. This is one opportunity but we have to figure out if the underlying infrastructure is good enough or not. If not, we might have to start building out infrastructure also, said Nagori.
Mukesh Bansal, a graduate from IIT-Kanpur, started working with a consulting firm Deloitte as a software engineer, followed by some startups. In his early days, he spent a decade in Silicon Valley before founding Myntra in 2007, customized gifts and merchandising portal. While Mukesh was one of the top talent hirings from the Silicon Valley, he was rumored to be the top contender for CEO s post at Flipkart.
Meanwhile, Nagori an IIT-Guwahati alumnus, started a social marketing platform for youngsters called Youthpad.com in 2008. The platform got shut down in 2010, after which Nagori joined Flipkart.