Consumer nutrition platform HealthKart has raised $135 million in a funding round led by Temasek. The company said A91 Partners and Kae Capital also participated in the round which seems rather sizeable at a time when the startup ecosystem struggles with a funding winter.

Healthtech Startup Healthkart raises $66 Mn in series H round led by Temasek

HealthKart

Founded in 2011 by Prashant Tandon and Sameer Maheshwari, the Gurgaon-headquartered firm sells protein supplements and health accessories.

In a statement, the company said it will use the capital raised for the growth of in-house D2C (direct-to-consumer) brands, increase offline distribution, expand international operations, and make select acquisitions.

“We are delighted to partner with Temasek and A91 Partners.. 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 (research and development) capabilities and omnichannel distribution infrastructure, we are excited to lead the way,” said Maheshwari, who is also the chief executive officer (CEO) of HealthKart.

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. Healthkart owns and manufactures eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo.

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Revenue

While the company did not disclose its valuation, it was valued at around Rs 3,150 crore or $390 million during the first tranche of this round.

According to the company, MuscleBlaze has grown rapidly over the last few years, and now has a 25% share of India’s sports nutrition market whereas HKVitals has ~20% share of the online health supplement market.

HealthKart’s operating revenue remained somewhat stable at Rs 310 crore in FY21 as compared to Rs 335 crore in FY20. The firm claims that it clocked Rs 700 crore in revenue for FY22.

Prior to this round, HealthKart raised $25 million in a Series G round led by Belgian private equity firm Sofina Group in May 2019. It has raised nearly $200 million to date.