Omnichannel health products store HealthKart said Monday it has secured $135 million from new and existing investors to drive the next phase of growth of the platform.
Singapore state investment firm Temasek and Indian consumer-focused growth equity investor A91 Partners joined as new investors. Existing investor Kae Capital also participated in the round.
The startup did not say if the entire money went into the company or if it includes some secondary stake sale. The venture had previously also raised capital from Sequoia, Omidyar, IIFL and Sofina.
The deal is believed to have valued the company at around $450-500 million, post money.
“At HealthKart, our mission is to bring best in class nutrition for everyone. The core pillars of our business are brand, omnichannel distribution and R&D infrastructure. We will continue our investments to innovate and improve preventive care solutions, strengthen our existing brands, and also build adjacent categories,” the firm said.
“Additionally, we will take the platform international, and also evaluate strategic opportunities in the nutrition space,” it added.
HealthKart, which says it has annual revenue run rate of over Rs 1,000 crore or current monthly revenues of more than Rs 80 crore, operates with two leading brands – MuscleBlaze, a sports nutrition label, and HKVitals, an online health supplement brand.
The startup said its products are used by more than a million consumers every month and are widely distributed across multiple channels.
HealthKart, run by Bright Lifecare Pvt. Ltd, was co-founded in 2011 by Sameer Maheshwari and Prashant Tandon.
HealthKart had also floated an online pharmacy 1mg, which was hived off as a separate entity seven years ago. Tandon moved out of the company when 1mg was hived off. Maheshwari remained with the company and leads Healthkart now.
1mg, which was earlier called HealthKart Plus, was separately backed by several investors including some common shareholders.
Last year, Tata Group bought a majority stake in 1mg to compete with others in the field like Reliance Industries-owned Netmeds and Pharmeasy.
Avendus Capital acted as the financial advisor to HealthKart on the transaction.