Indian omni-channel nutrition startup HealthKart has raised $153 million in one of the country’s largest consumer startup transactions this year, valuing the business at about $500 million, according to a source familiar with the matter.
The new investment was co-led by private equity firms ChrysCapital and Motilal Oswal, with Avendus Capital serving as financial advisor. A91 Partners and asset manager Neo Group also participated in the new investment.
Some existing investors sold their shares to the new backers, according to people familiar with the matter. HealthKart counts Peak XV, Temasek, Sofina and wealth manager IIFL among its backers.
Gurugram-based HealthKart reported revenue of $118.5 million for the year ending March 2024, cementing its position as India’s largest consumer nutrition platform. The startup sells protein supplements and health accessories.
The 13-year-old startup, which spun out of online pharmacy startup 1MG, said it is also buying back shares worth $6.5 milion from employees. The startup was EBITDA profitable in the financial year ending March.
“The Indian sports nutrition market, currently underpenetrated, is expected to expand due to a rise in fitness awareness and the increasing importance of nutrition and protein,” said Arpit Vinayak, VP at ChrysCapital, in a statement.
This is a developing story. More to follow.