Nutrition products firm HealthKart has raised $135 million in a funding round led by Singaporean investor Temasek, with participation from homegrown venture capital firms A91 Partners and Kae Capital.
The company said in a statement it will use the fund from the series H round to promote its brands, increase offline distribution, expand international operations, and make acquisitions.
“Driving fitness and preventive health by addressing the nutritional gaps is a systemic trend that is taking off in a big way in India. With HealthKart’s R&D capabilities and omnichannel distribution infrastructure, we are excited to lead the way,” said Sameer Maheshwari, founder and chief executive officer of HealthKart.
The firm said it has recorded an annualized revenue run rate of Rs 1,000 crore and owns MuscleBlaze, a sports nutrition brand, and HKVitals, an online health supplement brand. It said its products are used by more than a million consumers every month across multiple channels.
“HealthKart has the opportunity to build the largest and most significant consumer brand in the health and nutritional space. It is a digital-first pioneer which has successfully transitioned into an omnichannel business, and achieved market leadership in the past five years in the segments it operates in,” said VT Bharadwaj, of A91 Partners.
“HealthKart is India’s only vertically focused D2C nutrition platform. It aims to bridge the nutritional needs of the ever-expanding health-conscious India. Sameer and the HealthKart team have established strong awareness and customer trust with marquee brands,” said Neeraj Shrimali, executive director, Digital and Technology Investment Banking at Avendus Capital.
Avendus Capital acted as the financial advisor to HealthKart for the deal.
Founded in 2011 by Prashant Tandon and Sameer Maheshwari, the Gurgaon-headquartered firm sells protein supplements and health accessories.
HealthKart said its products are used by over a million consumers monthly and are distributed across channels like its website healthkart.com, other D2C websites, offline grocers/ chemists, over 140 HealthKart offline stores, and other eCommerce and quick commerce platforms.
In 2015, Healthkart’s generic drug search business HealthkartPlus was spun off and renamed 1MG – one of the newly minted unicorns of 2022. Since then, Healthkart and 1MG have been operating as separate entities.
HealthKart said it has an annual revenue run rate of over Rs 1,000 crore with brands like MuscleBlaze, a sports nutrition brand, and HKVitals, an online health supplement brand.
The company claimed while MuscleBlaze owns a 25 percent market share of India’s sports nutrition market, HKVitals has a 20 percent share of the online health supplement market.
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