HealthKart, an Indian nutrition startup, recently received a significant investment of $153 million, leading to a valuation of about $500 million. This investment, one of the largest for a consumer startup in India this year, was co-led by private equity firms ChrysCapital and Motilal Oswal, with Avendus Capital providing financial advice. A91 Partners and Neo Group also participated in this funding round. The startup had previously been valued at $350 million.
In this latest funding round, some of HealthKart’s previous investors sold their shares to new backers. Among the startup’s existing investors are Peak XV, Temasek, Sofina, and wealth manager IIFL. HealthKart, based in Gurugram, reported a revenue of $118.5 million for the year ending in March 2024, solidifying its position as India’s leading consumer nutrition platform. The startup specializes in selling protein supplements and health accessories.
Established 13 years ago, HealthKart originated from the online pharmacy startup 1MG. The startup recently announced that it will be repurchasing shares worth $6.5 million from its employees. Additionally, HealthKart achieved profitability in terms of EBITDA in the financial year that ended in March.
Arpit Vinayak, the Vice President at ChrysCapital, highlighted the growth potential of the Indian sports nutrition market, noting that it is currently underpenetrated. He mentioned that the market is expected to expand due to the rising awareness of fitness and the increasing importance placed on nutrition and protein.
As the story continues to develop, HealthKart’s recent investment and increased valuation underscore the growing interest and potential in the Indian consumer startup scene. With a focus on providing nutrition and wellness products, HealthKart is well-positioned to capitalize on the expanding market for sports nutrition in India. This latest funding round not only boosts the startup’s financial standing but also signals confidence from investors in its growth trajectory and market potential.
