Healthcare has been seeing increased interests of investors over the past couple of years. While most of the applications in this segment are marketplaces, HealthKart sets itself apart as a manufacturer and retailer – a full stack omnichannel business.
It is no surprise that this company has consistently been able to raise money for growth purposes.
Last we checked, HealthKart had raised Rs 89.5 crore from IIFL Alternate Asset Advisors (IIFL Holdings) and Sequoia Capital in October 2018. This was three months after a Rs 65 crore worth investment led by Kalysta Capital and joined in with a minimum contribution by Gulu Lalchand Mirchandani.
A couple of months later, Mirchandani had invested another Rs 3 crore via 4,201 Series F CCPS worth Rs 7150.47 each. Following this investment, Akhil and Ashish Dhawan had also poured in Rs 70.76 lakhs and Rs 4.24 crore respectively.
In return, they had purchased 991 and 5,942 shares of the same class (resp.). The Yog Family Foundation had led this tranche with a Rs 14 crore investment via 19,606 Series F CCPS. Collectively, December 2018 saw Healthkart getting Rs 21 crore (approx $3 million) in funds.
Now, the company is going to receive a larger fund worth Rs 174 crore (almost $25 million) from Advent Management (Belgium) via 1,96,420 Series G CCPS issued at a higher price of Rs 8,858.57 each signifying a jump in valuation as well.
All in all, since July last year, the firm has raised over $50 million worth preference and equity capital.
What it plans to do with the money can only be guessed or witnessed.
As far as competitors are concerned, Neulife, HealthyWorld, Healthgenie, among others keep HealthKart on its toes.
The Sameer Maheshwari led company had seen a 56.3% increase from Rs 120.59 crore in FY17 to Rs 188.52 crore in FY18. The losses had shrunk by 46.5% to Rs 22.4 crore in the same fiscal year. Financials of FY19 are yet to be reported.