A $135 million investment in HealthKart, backed by Singaporean state investor Temasek Holdings, would aid the consumer nutrition platform’s development goals in India and beyond, including through acquisitions.
The Series H round of funding for HealthKart also included participation from domestic venture capital companies A91 Partners and Kae Capital. HealthKart’s financial advisor for the deal, which included both primary and secondary components, was Avendus Capital.
The money will be used by HealthKart to develop its direct-to-consumer brands, increase offline visibility, broaden foreign operations, and take advantage of inorganic growth possibilities.
“The funds will help us expand into more nutrition categories. We’re scaling our healthy foods and vitamins businesses as well as kids’ nutrition brands. We’re also looking at use-case-based nutrition products like specialized vitamins or proteins as we grow deeper into the nutrition segment,” Sameer Maheshwari, co-founder, and chief executive of HealthKart, said in an interview. He claimed that the business is aiming to expand into the US and Southeast Asia.
A Series G round led by Belgian private equity firm Sofina Group raised $25 million for HealthKart before this round. The startup also has funding from Sequoia Capital, IIFL, and Omidyar Network. The company has raised nearly $200 million to this point.
Maheshwari and Prashant Tandon founded HealthKart in 2011. They are both co-founders of the VC-funded online pharmacy 1mg, which was split off into a separate company in 2015 and bought out by Tata Group in 2021.
MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo are just a few of the supplement brands produced by Bright Lifecare Pvt. Ltd.’s HealthKart.
