HealthKart, a leading omnichannel nutrition platform, has raised $153 million in its latest funding round led by ChrysCapital and Motilal Oswal Alternates. The round also saw participation from existing investors A91 Partners and Neo Group, further solidifying the company’s market position.
Known for its flagship brands such as MuscleBlaze, HKVitals, and Gritzo, HealthKart operates through a robust omnichannel strategy, with a strong online presence complemented by over 200 retail stores across 90 cities in India.
The company recently announced it had surpassed the ₹1,000 crore revenue milestone in FY24, achieving full-year EBITDA profitability. While audited numbers are yet to be filed, HealthKart reported a revenue of ₹832 crore and a loss of ₹76 crore in FY23. This marks a significant turnaround in financial performance for the Gurugram-based firm.
To date, HealthKart has raised approximately $360 million, including a $135 million round in December 2022 led by Temasek, with contributions from A91 Partners and Kae Capital.
As part of its growth journey, HealthKart has announced its first-ever employee stock ownership plan (ESOP) buyback program worth ₹55 crore ($6.5 million). The buyback will benefit both current and former employees, underscoring the company’s commitment to rewarding its workforce amidst its expanding success.
HealthKart’s roots date back to its spin-off of the generic drug search business, HealthKartPlus, in 2015. The spinoff was later rebranded as 1mg and now operates under Tata 1mg Technologies Private Limited, an independent entity.
With fresh funding and a solid financial trajectory, HealthKart is poised to strengthen further its position in India’s rapidly growing nutrition and wellness market.
