Temasek, A91, Kae back $135m round for India's HealthKart

HealthKart said in a social media post it will use the funds to strengthen its existing direct-to-consumer brands, expand into adjacent categories, and take the platform international. This is expected to include inorganic expansion.

The investment, which is being called a Series H round, included a USD 47.8m contribution from Temasek and USD 18m from A91, according to AVCJ Research. A91 is investing via its second fund, which closed on USD 550m last year. Kae, a seed-stage investor that has backed HealthKart since 2011, closed its third fund last month with about USD 94m.

The deal gives the company a post-money valuation of around USD 370m, according to a report by The Economic Times validated by Kae. About half of the capital is said to have come from secondary shares from existing investors.

In confirming the investment, HealthKart made a point of thanking Sequoia Capital, Omidyar Network India, and Sofina for supporting its journey. Sofina led a USD 25m Series G at a valuation of around USD 135m in 2019. Previous investors also include Kalysta Capital and IIFL Alternate Asset Advisors.

HealthKart is best known for selling vitamins, nutritional supplements, and bodybuilding proteins via private-label brands Muscleblaze, HK Vitals, True Basics, and Nouriza. There are more than 50 brands in total. The distribution strategy spans the e-commerce site, a network of more than 150 stores, and third-party resellers.

Local media have cited HealthKart founder Sameer Maheshwari claiming that the company has grown 3x in the past three years and was currently tracking an annual revenue run rate of INR 10bn (USD 121m). “We’re looking to achieve EBITDA profitability in the next 12-18 months,” he told VCCircle.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Temasek Holdings
• A91 Partners
• e-commerce
• healthcare