HealthKart, an omnichannel nutrition platform, has raised $153 million led by ChrysCapital and Motilal Oswal Alternates. Neo Group and HealthKart’s existing investor, A91 Partners also participated in the round. Avendus Capital acted as the exclusive financial advisor for the transaction.
FY24 was a milestone year for the company. In the fiscal year, the company not only crossed ₹1,000 crore in revenue but also achieved full-year EBITDA profitability. HealthKart continues to strengthen its power brands and expand its presence in international markets.
HealthKart also announced an employee ESOP buyback worth ₹55 crore, representing the company’s first liquidity event. The buyback will benefit both current and former employees who have been part of the company’s growth journey.
On announcing the funding, Sameer Maheshwari, Founder & CEO of HealthKart, said, “We welcome ChrysCapital and Motilal Oswal to HealthKart and hope to leverage their expertise during the next phase of growth. Very excited about our first ESOP buyback program which will create meaningful value for people who have played a critical role in building HealthKart. We firmly believe that people are our greatest asset and we aim to align their personal success with the company’s long-term vision.”
Commenting on this announcement, Arpit Vinayak, Vice-President, ChrysCapital said, “ChrysCapital is excited to partner with HealthKart as it embarks on its growth journey. The Indian sports nutrition market, currently underpenetrated, is expected to expand due to a rise in fitness awareness and the increasing importance of nutrition and protein. MuscleBlaze stands out as a leading brand, supported by a robust mix of proprietary channels, while HK Vitals offers high-quality nutraceuticals. ChrysCapital believes that HealthKart’s exceptional management team, strong brand portfolio, omnichannel distribution, and superior marketing capabilities provide the ideal foundation for significant growth and value creation.”
“We are very excited to partner with HealthKart in its next phase of growth journey. Company has demonstrated a strong track record of creating market leading consumer health brands through its differentiated products and multi-channel distribution presence. HealthKart’s commitment to providing high quality, affordable and relevant dietary supplements, sports nutrition and wellness products aligns perfectly with our objectives of promoting healthier lifestyle,” said Rohit Mantri, Co-Head and Managing Director – Private Equity at Motilal Oswal Alternates.
