Indian diet startup HealthKart’s valuation has surged to about $500 million in a brand new all-secondary funding of $153 million, two sources accustomed to the matter advised TechCrunch.
The funding, one of many largest for an Indian client startup this 12 months, was co-led by personal fairness corporations ChrysCapital and Motilal Oswal, with Avendus Capital serving as monetary advisor. A91 Companions and asset supervisor Neo Group additionally participated within the spherical. The startup was beforehand valued at $350 million.
Among the startup’s older traders offered their shares to the brand new backers, the sources mentioned. Peak XV, previously often known as Sequoia India and Southeast Asia, has totally exited the startup, promoting shares for about $120 million. HealthKart counts Peak XV, Temasek, Sofina and wealth supervisor IIFL amongst its backers.
Gurugram-based HealthKart reported income of $118.5 million for the 12 months ended March 2024, cementing its place as India’s largest client diet platform. The startup sells protein dietary supplements and well being equipment.
The 13-year-old startup, which spun out of on-line pharmacy startup 1MG, mentioned on Thursday that it’s shopping for again shares value $6.5 milion from staff. The startup was EBITDA worthwhile within the monetary 12 months ended March.
“The Indian sports activities diet market, at the moment underpenetrated, is predicted to increase on account of an increase in health consciousness and the growing significance of diet and protein,” mentioned Arpit Vinayak, VP at ChrysCapital, in a press release.
