IIT Kanpur Alumnus Mukesh Bansal’s Myntra and Cure Fit Ventures Worth Over Rs 18,000 Crore
Mukesh Bansal, an alumnus of the prestigious Indian Institute of Technology (IIT) Kanpur, has carved a name for himself as one of India’s most accomplished entrepreneurs. Bansal’s notable contributions to the business world include the successful establishment of Myntra, India’s largest online clothing and accessories store, as well as Cure Fit, the country’s leading fitness and gym chain.
Bansal’s entrepreneurial journey began after working at Deloitte for two years in their Chicago office. Subsequently, he gained experience working with various Silicon Valley companies, which eventually inspired him to venture into the world of startups.
In collaboration with Ashutosh Lawania and Vineet Saxena, Bansal established Myntra in 2007 as a gifting platform. Over time, the brand transformed into India’s foremost destination for clothing and accessories online, retaining its position as an industry leader for over a decade.
Myntra’s success led to its acquisition by Flipkart in a monumental Rs 2,730 crore deal, catapulting Bansal into the role of Head of Commerce and Advertising Business. Under his guidance, Flipkart achieved remarkable revenue growth, reaching an impressive Rs 41,364 crore.
Bansal’s entrepreneurial endeavors didn’t stop there. In 2016, he founded Cure Fit, a health and fitness company that encompasses brands like Eat Fit and Cult.fit, a highly successful gym chain boasting numerous locations across India.
The success of Cult.fit, with its specialized classes and fitness routines endorsed by Bollywood star Hrithik Roshan, caught the attention of Ratan Tata, one of India’s wealthiest businessmen. Ratan Tata made a significant investment of Rs 620 crore in Cure Fit and Cult.fit, propelling Bansal’s company to new heights. According to The Economic Times, this investment boosted the total valuation of Cult.fit and Cure Fit to Rs 12,411 crore.
Combining the valuations of both Myntra and Cure Fit, Mukesh Bansal’s businesses now boast a total worth exceeding Rs 18,000 crore. As of 2022, Bansal’s net worth stands at an impressive Rs 4,200 crore.
Mukesh Bansal’s relentless pursuit of innovation and determination to build successful ventures has solidified his status as a prominent figure in India’s entrepreneurial landscape. From revolutionizing the online fashion industry to transforming the fitness sector, Bansal’s contributions have not only enriched his own entrepreneurial journey but also left a lasting impact on the overall business ecosystem in India.
