Healthtech startup plans J&K foray

Healthtech startup plans J&K foray
9 Aug, 2019

Bengaluru-based healthtech platform will open fitness centres in Jammu & Kashmir (J&K), according to a statement by the startup's co-founder Ankit Nagori. 

The startup, founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Nagori, will foray into the newly-constituted union territory with five fitness centres. 

"The recent announcement from the government of India potentially opens up opportunities for our business growth and also create job opportunities. We intend to foray with five centres and keep on working to expand our offerings," said Nagori.

In its most recent fundraising in June, the health and fitness startup secured $120 million (around Rs 832 crore then) in its Series D round. The round was led by Chiratae Ventures (formerly IDG Ventures India), Accel, Kalaari Capital and Oaktree Capital. 

Japan's SoftBank Vision Fund was reportedly in talks to invest $350 million in If the planned investment fructifies, the health-tech startup's valuation is likely to cross the $1 billion mark. 

In April, it was reported that was planning to launch an incubation programme for health food brands. will invest $5 million in the incubation programme over the next two years. 

Founded in 2016, the startup operates four verticals — its chain of fitness centres, subscription-based food delivery vertical, psychological wellness platform and primary healthcare vertical 

The multi-platform fitness startup runs 180 fitness centres, 35 centres and targets expanding its wellness base to over 800 centres by 2020.