India-based HealthKart, a trusted house of brands with MuscleBlaze and HK Vitals has secured $153 million in a secondary funding round led by private equity firm ChrysCapital and Motilal Oswal Alternates. Neo Group and Healthkart’s earlier backer, A91 Partners, also backed this round.
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The latest funding round pegged the valuation of Healthkart at $500 million, although it had been valued at $370 million in December 2022 when it secured a $135 million investment from Temasek, the Singapore sovereign fund.
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The recent fundraising by Healthkart continues the trend of the big secondaries in the fast-growing startup with reasonably good prospects in profitability—Lenskart, Purplle, OfBusiness, and others.
The fundraising comprised Rs 55 crore worth of employee stock option plans (Esops)—the first time that Healthkart, the Gurugram-based company, has conducted such an exercise.
“We welcome ChrysCapital and Motilal Oswal to Healthkart and hope to leverage their expertise during the next phase of growth,” said Maheshwari, founder and CEO of Healthkart. “Very excited about our first Esop buyback programme, which will create meaningful value for people who have played a critical role in building Healthkart.”
“We welcome ChrysCapital and Motilal Oswal to Healthkart and hope to leverage their expertise during the next phase of growth,” said Maheshwari, founder and CEO of Healthkart. “Very excited about our first Esop buyback programme, which will create meaningful value for people who have played a critical role in building Healthkart.”
HealthKart is a house of brands; MuscleBlaze and HK Vitals are both number-one brands specializing in sports nutrition and online vitamins in India, respectively. The store also has a vegan category, new arrivals, as well as kids and women’s categories for health and enhancing their health and fitness.
“The Indian sports nutrition market, currently underpenetrated, is expected to expand due to a rise in fitness awareness and the increasing importance of nutrition and protein,” said Arpit Vinayak, VP, of ChrysCapital.
About Healthkart
Healthkart was launched in March 2011 by Sameer Maheshwari, an IIT and Harvard Business School pass-out, and is the ultimate fitness & health store. Sameer Maheshwari establishes quality, authenticity, affordability, and accessibility as our key pillars while achieving good health at your doorstep.
Not only is the HealthKart website India’s B2C health and nutrition marketplace but we are also backed by 100+ stores, making it your all-in-one health and fitness solution.
HealthKart currently lists over 200 brands and authorized vendors—just so we can ensure what customers get is right and genuine. We are also present in modern trade and general trade and on horizontal Amazon, Flipkart, Nykaa, and other e-commerce platforms.
