Indian Startup HealthKart Raises $153 Million To Expand Platform

The Indian startup HealthKart, a health and fitness platform, raised $153 million in a recent round and reached a $500 million valuation.

According to TechCrunch, the funding round was led by Motilal Oswal and ChrysCapital, and Avendus Capital as a financial advisor, two sources close to the case confirmed the deal.

HealthKart also announced an Employee Stock Ownership Plan (ESOP) plan, offering its employees to buy back shares for the first time.

“We welcome ChrysCapital and Motilal Oswal to HealthKart and hope to leverage their expertise during the next phase of growth. Very excited about our first ESOP buyback program which will create meaningful value for people who have played a critical role in building HealthKart,” said Sameer Maheshwari, CEO and co-founder of HealthKart according to Business Standard.

HealthKart was valued at $350 in 2022 and reported a year revenue of $118.5 million in March. The company’s sales of health accessories and supplements have been on the rise and is currently India’s top nutrition platform.

“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.

The Gurugram-based startup was founded in 2011, by Prashant Tandon and Sameer Maheshwari and now offers a wide range of products from vitamins and proteins to training tools and machines, and also has its own in-house brands, HKVitals and MuscleBlaze. HealthKart has more than 200 stores across 90 cities, as reported by Mint.

Other startups in the healthcare industry have also been growing and expanding. The health fintech PayZen recently raised $232 Million in a series B round, and the UK startup Zoe raised $15 million in July to expand to the U.S.