Omnichannel nutrition platform HealthKart, a leader in digital-first brands like MuscleBlaze, has secured $153 million through a secondary funding round led by ChrysCapital and Motilal Oswal Alternates to support its ESOP buyback and international expansion.
The round, which included participation from existing investors A91 Partners and Neo Group, marks a significant milestone for the Gurugram-based startup. HealthKart, known for its prominent digital-first brands like MuscleBlaze, HKVitals, and Gritzo, also revealed its first-ever employee ESOP buyback worth $6.5 million.
“The ESOP buyback program is a meaningful step in aligning our team’s success with the company’s long-term vision and rewarding those who played a critical role in building HealthKart,” said Sameer Maheshwari, Founder and CEO of HealthKart.
The secondary funding round facilitated share purchases from early investors and stakeholders without issuing new shares. This transaction valued the firm at $500 million, a sharp rise from its $370 million valuation in 2022. HealthKart’s ESOP buyback plan aims to reward current and former employees who have joined the ranks of over 20 startups offering liquidity programs worth $200 million this year.
HealthKart’s Strategic Growth
Founded in 2011, HealthKart operates over 200 stores across 90 cities, alongside a robust online presence. In FY24, the company surpassed $120 million in revenue. It achieved EBITDA profitability for the first time, a testament to its scalable business model. Its portfolio, including MuscleBlaze and Gritzo, has driven growth. HealthKart aims to strengthen its brand portfolio and expand internationally in the coming years.
Arpit Vinayak, vice president at ChrysCapital, noted the company’s strong market positioning and said, “The Indian sports nutrition market is poised for growth, and HealthKart’s exceptional management team, omnichannel strategy, and leading brands like MuscleBlaze and HKVitals offer significant potential for long-term value creation.”
HealthKart has consistently attracted high-profile investors, including Peak XV, Temasek, Sofina, Kae Capital, and Intel Capital. This latest funding round further cements its position as a health and wellness industry leader.
Rohit Mantri, Co-Head and Managing Director of Private Equity at Motilal Oswal Alternates highlighted HealthKart’s track record. “The company has built market-leading consumer health brands and continues to drive innovation in dietary supplements, sports nutrition, and wellness products, aligning with our objective of promoting healthier lifestyles.”
By integrating digital and physical platforms, HealthKart exemplifies the future of omnichannel retail. The company spun off its generic drug search business HealthKartPlus, now Tata 1mg, 2015 to focus solely on the nutrition market.
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