India’s HealthKart valued at $500M in new investment
Reading Time: < 1 minutesThe investment, one of the largest for an Indian consumer startup this year, was co-led by private equity firms ChrysCapital and Motilal Oswal, with Avendus Capital serving as financial advisor. A91 Partners and asset manager Neo Group also participated in the round. The startup was previously valued at $350 million.
Some of the startup’s older investors sold their shares to the new backers, the sources said. Peak XV, formerly known as Sequoia India and Southeast Asia, has fully exited the startup, selling shares it bought for less than $30 million for about $120 million. HealthKart also counts Temasek, Sofina and wealth manager IIFL among its backers.
Gurugram-based HealthKart reported revenue of $118.5 million for the year ended March 2024, cementing its position as India’s largest consumer nutrition platform. The startup sells protein supplements and health accessories.
The 13-year-old startup, which spun out of online pharmacy startup 1MG, said on Thursday that it is buying back shares worth $6.5 milion from employees. The startup was EBITDA profitable in the financial year ended March.
‘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 at ChrysCapital, in a statement.
Reference: https://techcrunch.com/2024/11/18/india-healthkart-raises-153-million-in-new-funding/
Ref: techcrunch
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