HealthKart’s Valuation Rises to $500 Mn After $153 Mn Investment

HealthKart, founded in 2011 by Harvard and Stanford graduates Sameer Maheshwari and Prashant Tandon, is India’s largest nutrition platform.

Indian nutrition startup HealthKart has reached a valuation of $500 million following a $153 million all-secondary investment, according to sources familiar with the development.

The investment, one of the largest in the Indian consumer startup sector this year, was led by private equity firms ChrysCapital and Motilal Oswal, with participation from A91 Partners and Neo Group. Avendus Capital served as the financial adviser for the deal.

The funding round saw some of HealthKart's older investors sell their stakes to new backers. Peak XV Partners (formerly Sequoia India and Southeast Asia) exited fully, selling its shares, initially acquired for under $30 million, for approximately $120 million.

HealthKart also counts Temasek, Sofina, and IIFL among its prominent investors.

Gurugram-based HealthKart, India's largest consumer nutrition platform, reported revenue of $118.5 million for the financial year ending March 2024. Specializing in protein supplements and health accessories, the 13-year-old startup spun out of online pharmacy 1mg. The company achieved EBITDA profitability in the same fiscal year.

As part of its recent moves, HealthKart announced a $6.5 million share buyback program for its employees.

ChrysCapital Vice President Arpit Vinayak highlighted the potential for growth in the Indian sports nutrition market, stating, “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.”

HealthKart, founded in 2011 by Harvard and Stanford graduates Sameer Maheshwari and Prashant Tandon, is among India’s largest nutrition platform.

The company offers a broad range of supplements and nutraceuticals through its in-house brands, including MuscleBlaze, TrueBasics, HK Vitals, bGreen, Nouriza, Gritzo, and The Protein Zone.

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