Mukesh Bansal seeks $100M+ valuation for new venture

Anurag Paul

18th Jul'23
Mukesh Bansal seeks $100M+ valuation for new venture | OpenGrowth

Mukesh Bansal, famed for his success in Indian fashion e-commerce giant Myntra and fitness platform Cult.fit, is currently considering starting a new business venture. He hasn't settled on the details or timeline yet, but he has an idea of what price range it might be offered at.

Bansal and Zomato's co-founder Mohit Gupta have been trying to reach out to prominent investors such as Peak XV, Lightspeed India Partners, Accel and Nexus Venture Partners to see if they can set up a new company that would be worth more than one hundred million dollars but potentially up to two hundred fifty million. People familiar with the situation reported this.

It is uncommon to see a startup in India valued at $100 million during its early stages. Most companies usually get funded under the $10 million mark. Still, some of India's most successful entrepreneurs have managed to secure investments with values much higher than that. Kunal Shah from CRED and Jitendra Gupta from Jupiter are two examples of this extraordinary feat.

Gupta and Bansal have indicated to a couple of financiers that they secured a tentative promise for approximately $50 million, those close to the situation mention. It is uncertain how much of this commitment will become real. It is perplexing to many people, not just myself, what the pair intends to construct.

Bansal and Gupta are looking to set up a business that would include more than a dozen different products. Investors will get shares in the main company, as well as each product owned by the firm. People who have been approached have requested confidentiality when talking about this venture.

Bansal and Gupta had not yet determined which product they would start developing two weeks ago. Sources familiar with their funding conversations disclosed that the pair offered a variety of plans to possible financiers, such as an ethnic wear brand for women mirroring Manyavar and a modernization of Infosys named “Infosys 2.0”.

Bansal declined to comment on Monday when asked for a response. The Arc, an Indian media source, had reported some of the information previously. Despite this, Bansal previously stated that gossip regarding his future plans were completely inaccurate and added that he remains committed to Cure.fit in the long term.

In an interview this month, Bansal expressed his contemplation on what to do next. Having been a part of the start-up industry for many years, he was involved with four companies while in Silicon Valley and has contributed significantly to the development of Myntra and Cure.fit. Additionally, over the last five years he has closely worked with Groww and Skyroot.

I continuously feel drawn towards doing something more and I am now contemplating what other companies I could start or collaborate on with someone else. Additionally, I'm trying to figure out a way of accomplishing this in an orderly fashion so that the business has a solid base ready for long-term growth. Hopefully within a few months or by the end of 2020, I will have made my decision.

Stay tuned and follow us for latest industry updates and insights.

OpenGrowth is constantly looking for innovative and trending start-ups in the ecosystem. If you want more information about any module of OpenGrowth Hub, let us know in the comment section below

Anurag has been writing content for over eight years, and he is dedicated to it and cannot see himself in any other industry. As a passionate writer, he is interested in business and entrepreneurship. An accomplished technologist and financial expert, he strives to empower others through entrepreneurship, leaving his comfort zone to explore entrepreneurship. Having worked in the Financial sector for more than five years as a full-timer, he also has a keen interest in Corporate Finance ...

Comments

Blank User| OpenGrowth

cardinalizztxt@gmail.com

28th Sep'23 12:28:28 PM

For several years my husband and I tried to get pregnant. He and I went to see doctors to get checked out several times. I have eaten right and exercised most of my life and just found it heartbreaking when the doctor discovered that I had Ovarian CYSTS on my UTERUS and other infertility issues. I had the cysts removed but that did not start our success right away. A friend of mine told me about something she did, contacting a spell caster, Dr Ozigidon. Once, I tried her steps by contacting this same man via email [drozigidonhenz.spell.net@gmail.com] and with his spiritual prayers and powerful spells my husband and I had success, I became pregnant and finally gave birth to a wonderful baby boy . Dr Ozigidon did it all for us. Contact him now to put an end to your years of infertility. His whats-App (+2349054750112) I pray everyone gets the opportunity to have their dreams come true of becoming a mother, because it is a wonderful experience and a love like no other holding your bundle of joy!