Ecommerce

HealthKart raises $135 million from Temasek, A91 Partners, Kae Capital

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Singapore-based Temasek Holdings has led a $135 million Series H funding round in HealthKart. Indigenous venture capital firms A91 Partners and Kae Capital were also part of the funding, where Avendus Capital played the financial advisor role.

The Gurgaon-based start-up plans to utilise this capital to grow its direct-to-consumer brands and ramp up its omnichannel presence. It currently has 140 physical stores across 50 cities, and in addition to the brand’s website, the products are available across 30000 grocery stores and chemists. 

Announcing this investment, Sameer Maheshwari, co-founder and chief executive of HealthKart, said, “The three pillars of our business are brand, omnichannel distribution and R&D infrastructure. We have a house of D2C nutrition brands that cater to various use cases. Muscleblaze, our leading sports nutrition brand, has 25 per cent market share.”

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The company plans to use the fresh capital to scale up its HealthKart platform and its domestic operations to the global market. It is evaluating inorganic growth by acquiring other brands. 

The Gurgaon-based start-up had last raised $25 million in a Series G round, which Belgian private equity firm Sofina Group led. The start-up, which is backed by Sequoia Capital, IIFL and Omidyar Network, has raised close to $200 million. According to start-up data tracker Tracxn, its valuation after its May 2019 fundraising stood at Rs 1,109.80 crore. 

Founded by Maheshwari and Prashant Tandon in 2011, HealthKart has filed for 12 patents in the nutraceuticals space. The duo also co-founded 1mg, an online pharmacy. Tata Group later acquired that in 2021.

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