Consumer nutrition platform HealthKart has raised $135 million in a funding round led by Temasek with participation from A91 Partners and Kae Capital.
The fresh capital will be deployed towards the growth of in-house D2C brands, increase offline distribution, expand international operations, and make select acquisitions, the company said in a press release.
While the company did not disclose its valuation, it was valued at around Rs 3,150 crore or $390 million during the first tranche of this round. Entrackr had exclusively reported the development.
Healthkart owns and manufactures eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo. Besides its own platform, the company sells its product through D2C websites, offline grocers, chemists, e-commerce and quick commerce platforms, and more than 140 HealthKart offline stores.
According to the company, MuscleBlaze has grown rapidly over the last few years, and now has a 25% share of India’s sports nutrition market whereas HKVitals has ~20% share of the online health supplement market.
HealthKart’s operating revenue remained somewhat stable at Rs 310 crore in FY21 as compared to Rs 335 crore in FY20. The firm claims that it clocked Rs 700 crore in revenue for FY22.
Prior to this round, HealthKart raised $25 million in a Series G round led by Belgian private equity firm Sofina Group in May 2019. It has raised nearly $200 million to date.