HealthKart, a company that sells nutritional supplements, has raised $135 million in a funding round that was co-led by Temasek, a Singaporean investor, and included local venture capital companies A91 Partners and Kae Capital.
The business stated in a statement that it will use the money from the series H round to acquire companies, grow internationally, and market its brands.
“Driving fitness and preventive health by addressing the nutritional gaps is a systemic trend which is taking off in a big way in India. With HealthKart’s R&D capabilities and omni-channel distribution infrastructure, we are excited to lead the way,” said Sameer Maheshwari, founder and CEO of HealthKart.
The company stated that it owned the online health supplement brand HKVitals as well as the sports nutrition brand MuscleBlaze. It also claimed to have an annualised revenue run rate of Rs 1,000 crore. It claimed that more than a million customers use its products on various platforms each month.
“HealthKart has the opportunity to build the largest and most significant consumer brand in the health and nutritional space. It is a digital first pioneer which has successfully transitioned into an omni-channel business, and achieved market leadership in the past five years in the segments it operates in,” according to VT Bharadwaj of A91 Partners.
“HealthKart is India’s only vertically focused D2C nutrition platform. It aims to bridge the nutritional needs of the ever-expanding health-conscious India. Sameer and the HealthKart team have established strong awareness and customer trust with marquee brands,” According to Neeraj Shrimali, executive director of digital and technology investment banking at Avendus Capital HealthKart’s financial advisor for the transaction was Avendus Capital.