“ We will unearth the talent from every part of India and give them a platform to make it big.”- Mukesh Bansal.
Source: CEO Insights Magazine
Mukesh Bansal, an IIT passout, has transformed the e-commerce and health-tech sectors in India with his ability to innovate and vision. With the help of Myntra and Cult. Fit, he has redefined how Indians approach fashion and fitness by pioneering his entrepreneurial skills in the digital age. Explore his story of building successful startups, overcoming challenges, and continuously reflecting his relentless spirit to adapt in a rapidly transforming business landscape in this article.
Mukesh Bansal, before Myntra’s inception
Source: IIT Kanpur
Born in 1975 in Haridwar, Mukesh was brought up in a middle-class family with a passion for learning from a young age. He pursued a bachelor’s degree in Computer Science and Engineering from IIT Kanpur. During his college days, he spent hours reading books by industry legends, such as Lee Iacocca, Sam Walton, and Akio Morita, deciding to conquer the entrepreneurial journey.
Then, he started working as a system analyst at Deloitte in Chicago. Later, he worked with various startups in Silicon Valley, such as NexTag, Centrata, and NewScale, where he gained substantial experience and business insights. His desire ot make a significant impact brought him back to India.
Establishing Myntra and beyond
Source: MediaNama
In 2007, Mukesh, along with his friends Ashutosh Lawania and Vineet Saxena, founded Myntra in Bangalore. In the beginning, Myntra specialised in personalised gifting products like T-shirts, Mugs, Caps, and corporate gifting. In 2011, Myntra shifted its focus to fashion and lifestyle products due to a limited market for gifting.
Under Mukesh’s entrepreneurial skills, Myntra became a leading fashion e-commerce platform in India in a short time. It was the leading fashion platform in India, growing rapidly and raising funds. However, in 2014, Myntra was acquired by Flipkart in a transaction valued at $330 million.
As CEO, Mukesh was able to lead Myntra to become a fashion-centric platform, selling products from global brands with the help of his Silicon Valley experiences, leaving his indelible mark in entrepreneurial acumen. Mukesh then started working as the Head of Commerce and Advertising Business at Flipkart, focusing on the company earning $5 billion annually.
In 2016, Mukesh started exploring new opportunities by becoming an independent advisor and quitting Flipkart. His decision was more of a desire to reconnect with his roots as an early-stage entrepreneur. His tenure at Myntra is remembered as a roller coaster ride full of challenges and successes.
Cure.Fit
Source: Cult.Fit
In 2016, Mukesh and Ankit Nagori founded Cure. Fit with a vision of offering a comprehensive approach for health and fitness. This business model integrates different aspects of health and wellness. Cure. Fit was rebranded as Cult. Fit and was able to attract several investments, as with rapidly expanded its operations across India. It has developed into several services such as:
Cult. Fit: A chain focused on fitness centres offering various distinguished workout programs.
Eat. Fit: A service focused on delivering healthy meals.
Mind. Fit: Offering yoga and meditation sessions.
Care. Fit: Offering primary healthcare services.
Meraki Labs
Source: Meraki Labs
In 2020, Mukesh established India’s first startup studio, Meraki Labs. It’s focused on supporting the new companies by offering initial funding ranging from $250k to $5 million, and also on the development of the founding team.
Operating as a venture studio, the company works closely with founders to identify market needs and develop new products. In addition to financial support, it also provides access to experienced entrepreneurs, leadership coaches, and a structured curriculum covering product development, branding and fundraising.
Meraki has supported startups like Skyroot, Groww, Nextleap, Nushala, and Gigforce. The studio also embraces a community of over 100 founders who share insights and support with each other. The company has received backing from investors such as Sequoia India and Accel. It is positioned within the Indian startup ecosystem as a platform for developing innovative ideas and nurturing emerging companies.
In 2021, he was appointed as the President of Tata Digital in India, working on important projects including Tata Neu.
Nurix AI
Source: The Arc
In 2024, Mukesh launched Nurix AI, a generative AI solution for healthcare. Their he aims to revolutionise personalised health management by leveraging AI-driven insights, positioning itself as a key player in the growing health-tech industry. In 2024, Nurix AI has secured around $27.5 million in funding led by General Catalyst, Accel, and Meraki Labs.
Mukesh beyond an Entrepreneur
Podcaster: Mukesh also hosts the podcast ‘SparX’, which explores big ideas across various fields such as economics, politics, science, and entrepreneurship. It features episodes where he shares business insights from his career and guests with influential figures, including Ajeet Singh, Sudha Murthy, and Rahul Dravid.
Author: Mukesh has also written a few books titled ‘No Limits: The Art and Science of High Performance’, ‘Hacking Health: The only book you’ll ever need to live a healthier life’, and ‘The Start-Up Code: Taking your company from seed to scale’ where he highlights his knowledge and experience in entrepreneurship, health, and personal development.
Fitness Enthusiast: Mukesh is a fitness-focused person who practices mixed martial arts and yoga daily. He is also the board member of the Olympic Gold Quest, a non-profit foundation promoting Indian athletes to win Olympic Gold Medals.
Angel Investor: Mukesh is also recognised among the leading angel investors. In 2018 and 2019, he invested millions in companies including Skyroot Aerospace, Groww, Kawa Space and CRED. After COVID-19, Mukesh supported companies like Mensa Brands, NuShala, Virgo, Truva, First Club, and many more by investing and guiding them to success.
Achievements and Recognition
- Myntra was recognised as one of Business Today’s Coolest Startups under Mukesh’s leadership.
- Mukesh Bansal was featured in Fortune India’s list of 40 Under 40.
- In 2021, he was honoured with the IIT Kanpur Distinguished Alumnus Award.
Conclusion
Mukesh’s journey is a true testament to the power of vision, resilience, and innovation. From founding Myntra to leading in health-tech, he showcases what an entrepreneur is. He has revolutionised e-commerce with Myntra and promoted wellness with Cure. Fit, along with empowering startups with Meraki Labs, is leaving an indelible mark on India’s entrepreneurial landscape. His story is an inspiration for aspiring business leaders to embrace change, learn from failures, and strive for excellence.
