Healthkart’s scale spikes 2.7X to Rs 832 Cr in last two fiscals


Healthkart had witnessed flat growth in scale during FY18-FY21 period but the company has rediscovered its growth surge in the past two years. The nutrition firm’s revenue flew 2.7X to Rs 832 crore in FY23 from Rs 307 crore in FY21 with significant improvement in unit economics.

Healthkart’s revenue from operations grew by 60.45% to Rs 832 crore in FY23 from Rs 491 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show.

Financial FY23

FY22 FY23










Amount in ₹ Cr

Healthkart runs eight nutritional brands including MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo. The company distributes its products through diverse channels including its website, application, third-party e-commerce platforms, and pharmacies. The company also has over 140 offline stores across India.

In December last year, Healthkart claimed that MuscleBlaze controlled 25% share of India’s sports nutrition market whereas HKVitals had controlled 20% share of the online health supplement market.

The sale of its own nutritional products and the marketplace fees for facilitating sales of goods of other vendors listed on its marketplace was the sole source of revenue for Healthkart in FY23.

For the uninitiated, HealthKart separated its generic drug search business HealthkartPlus in 2015 and rebranded it to 1mg which now operates under Tata 1mg Technologies Private Limited.

On the cost side, procurement of supplements was the largest cost center which formed 46% of the overall cost. This cost spiked 79.2% to Rs 430 crore in FY23 from Rs 240 crore in FY22. With Shubman Gill, Vidyut Jamwal, and Anoop Thakur as their brand ambassadors, its advertising cost jumped 56.2% to Rs 189 crore in the last fiscal year.

Its employee benefits, transportation, commission to agents, information technology, legal-professional, and other overheads catalyzed the total expenditure by 60.94% to Rs 927 crore in FY23.

Expense Breakdown

Total ₹ 576 Cr
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Total ₹ 927 Cr
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  • Employee benefit expense
  • Cost of material consumed
  • Advertising promotional expenses
  • Transportation cost
  • Commission paid other selling agents
  • Others

See TheKredible for the detailed expense breakup.

Cevat: We have excluded the net loss on remeasurement of financial liability while calculating the total expenses as it’s non-cash in nature.


FY22 FY23
Expense/Rupee of ops revenue ₹1.17 ₹1.11
ROCE -138% -22%
EBITDA Margin -61% -16%

The decent scale helped Healthkart to manage its losses, which saw a modest 10% increase to Rs 76 crore in FY23 as compared to Rs 69 crore in FY22. Its ROCE and EBITDA improved to -22% and -16% respectively. On a unit level, the company spent Rs 1.11 to earn a rupee in FY23.

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