Mukesh Bansal of Myntra and Cult.fit is working with Zomato co-founder Mohit Gupta on an undisclosed new venture. The pair have proposed valuating the undertaking at between US$100 million and US$250 million, a significant leap from the usual sub-US$10 million valuation typical of Indian startups.

The duo is looking to establish a foundry for multiple products, with potential ideas ranging from a female-centric ethnic wear brand to an IT services and consulting firm.