Homegrown private equity firms ChrysCapital and Motilal Oswal Alternates have led a $153 million (Rs 1,291 crore) investment round in nutrition platform HealthKart, which is operated by Bright Lifecare Pvt Ltd. The two PE firms were joined by Neo Group and HealthKart’s existing investor, A91 Partners, in the investment.
Avendus Capital acted as the financial advisor for the transaction, HealthKart said in a statement.
It could not be ascertained the portion of stake the investors are acquiring in the firm.
The announcement of the latest investment comes nearly two years after Singaporean state-owned investor Temasek led a Series H investment round in the company for $135 million to help fuel the consumer nutrition platform's expansion plans in India and abroad through acquisitions. The company had raised $200 million in funding cumulatively at the time.
Media reports as recently as October indicated that ChrysCapital was in final stage of discussions to acquire a 20% stake HealthKart, valuing the company around $450 million. As per reports, Motilal Oswal Alternates and A91 Partners were also in the fray to acquire stake along with ChrysCapital.
HealthKart said in the fiscal year 2024, the company crossed the Rs 1,000 crore mark in revenue while also achieving full year EBITDA profitability. In the fiscal year 2023, the company reported a EBITDA loss of Rs 138 crore on a total income of Rs 832 crore, according VCCEdge.
The company operates an omnichannel nutrition platform that owns several digital nutrition brands such as MuscleBlaze, HKVitals and Gritzo, across different nutrition segments such as proteins and dietary supplements.
The company was founded in 2011 by Prashant Tandon and Sameer Maheshwari. Both are also the co-founders of online pharmacy 1mg, which was acquired by Tata Group in 2021 after being spun-off as a separate entity in 2015.
The company claims to operates more than 200 HealthKart stores in over 90 cities.