Mukesh Bansal, who recently founded health and fitness startup CureFit, has stepped down as the board member of food delivery platform Swiggy. This news comes just six months after his appointment in the company’s board. The company has also confirmed this development, reports LiveMint.
According to three people aware of the development, Mukesh Bansal stepped down earlier this month over a “conflict of interest” as his new venture CureFit is also contemplating food delivery that overlaps with Swiggy’s core business.
Mukesh Bansal co-founded CureFit, a health and fitness startup, along with its former Flipkart executive Ankit Nagori. The startup was founded in March last year.
On condition of anonymity, three people aware of the matter told LiveMint,
Curefit will launch subscription-based health food delivery soon. While Swiggy has a broader horizon, still, the business overlaps and there is a conflict of interest. Hence, (Mukesh) Bansal stepped down.
CureFit had acquired online health-food delivery company Kristys Kitchen for an undisclosed amount in a cash and stock deal in March this year. Kristys Kitchen prepares and delivers international healthy food. Founded in September 2016 by Cristina Maiorescu, Cedric Carvalho and Sumit Sinha, the company has a kitchen in Bengaluru and claims to be operationally cash positive and servicing over 250 orders a day.
Before founding CureFit, Mukesh Bansal had earlier founded online fashion store Myntra. It was acquired by then-leading online e-commerce marketplace Flipkart for around Rs 2000 crore. In October last year, Mukesh Bansal joined Swiggy and Rivigo as an independent director.
CureFit raised $15 million in a Series A round from Kalaari Capital, Accel Partners and IDG Ventures in June last year. The round is said to be one of the largest early-stage funding rounds ever by an Indian start-up.
The company is planning to offer three main services — health food subscriptions, Cult fitness subscriptions and mental wellness offering. The company has also acquired controlling stakes in fitness chain The Tribe and bought fitness centre brand Cult and mental wellness service provider Seraniti Mental Health to expand into these verticals.