The valuation of Indian nutrition startup HealthKart has soared to about $500 million on $153 million in new investment, two people familiar with the matter told TechCrunch.
The investment, one of the largest in an Indian consumer startup this year, was co-led by private equity firms ChrysCapital and Motilal Oswal, with Avendus Capital acting as financial advisor. A91 Partners and asset management firm Neo Group also participated in the round. The startup was previously valued at $350 million.
Some of the startup's old investors sold their stakes to new backers, the people said. Peak XV, formerly known as Sequoia India and Southeast Asia, has completely exited the startup, selling the stake it bought for less than $30 million for about $120 million. HealthKart's backers also include Temasek, Sofina and asset management company IIFL.
Gurugram-based Healthcart reported revenue of $118.5 million for the year ended March 2024, solidifying its position as India's largest consumer nutrition platform. The startup sells protein supplements and health accessories.
The 13-year-old startup spun out of online pharmacy startup 1MG announced Thursday that it will buy back $6.5 million worth of stock from employees. The startup posted an EBITDA profit in the fiscal year ending March.
“The Indian sports nutrition market, currently under-penetrated, is expected to expand due to rising fitness awareness and growing importance of nutrition and protein,” Arpit Vinayak, Vice President, Cris Capital, said in a statement. mentioned in.