Exclusive: Healthkart raises over $65 Mn led by Temasek

Omnichannel healthtech platform HealthKart has raised Rs 536.52 crore or around $66 million in a Series H round led by Temasek with participation of A91 Partners. This is the first funding round of the Gurugram-based company in 2022.

The board at HealthKart has passed a special resolution to issue 10 equity shares and 3,08,547 Series H compulsory convertible preference shares (CCPS) at an issue price of Rs 17,388 per share to raise Rs 536.52 crore or $66 million, as per the regulatory filing with the Registrar of Companies (RoC).

Temasek (via V-Science Investment) has spearheaded the Series H round with Rs 389.46 crore ($47.7 million). The remaining sum of Rs 147.06 crore ($18 million) was invested by A91 Partners.

As per Fintrackr’s estimates, the company has been valued at around Rs 3,150 crore or $390 million (post-money). HealthKart last raised funds worth $25 million in a Series G round in May 2019. The company may receive more funds in this round.

Healthkart owns and manufactures eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo.

The board of HealthKart has also passed a special resolution to increase the existing ESOP pool under ESOP Scheme 2021 by 35,234 options to 91,514 options. According to Fintrackr estimates, the fresh options added in HealthKart’s stock options are worth around Rs 61.3 crore, whereas the total value of the company’s ESOP pool has been increased to Rs 159 crore or a nearly $20 million.

While HealthKart claims that it clocked Rs 700 crore in revenue for FY22, its operating revenue remained somewhat stable at Rs 310 crore in FY21 as compared to Rs 335 crore in FY20. As per Fintrackr’s analysis, the company managed to control its losses by 79.2% to Rs 41.2 crore in FY21 from Rs 198 crore in the preceding fiscal year.

Led by Sameer Maheshwari, HealthKart separated its generic drug search business HealthkartPlus in 2015 and rebranded it to 1mg which now operates under Tata 1mg Technologies Private Limited.