New All-Secondary Investment of $153 Million Fuels Growth
HealthKart, a Gurugram-based nutrition startup, has seen its valuation skyrocket to approximately $500 million after a new all-secondary investment of $153 million, according to two sources familiar with the matter. This significant funding round marks one of the largest investments in an Indian consumer startup this year.
Co-Leaders and Participants
The investment was co-led by private equity firms ChrysCapital and Motilal Oswal, with Avendus Capital serving as financial adviser. A91 Partners and asset manager Neo Group also participated in the round, injecting a substantial amount of capital into HealthKart.
Valuation Growth
The startup’s previous valuation stood at $350 million, indicating a significant growth of 43% in just one year. This impressive valuation surge highlights HealthKart’s continued dominance as India’s largest consumer nutrition platform.
Older Investors Sell Shares
Some of HealthKart’s older investors, including Peak XV (formerly Sequoia India and Southeast Asia), sold their shares to the new backers. Peak XV, which initially invested less than $30 million, has fully exited the startup after selling its shares for approximately $120 million.
Notable Backers
HealthKart’s notable backers include Temasek, Sofina, and wealth manager IIFL, further solidifying its position in the Indian market. The startup has also reported revenue of $118.5 million for the year ended March 2024, reinforcing its status as a leading player in the consumer nutrition space.
Growth Prospects
According to Arpit Vinayak, VP at ChrysCapital, "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." This growth prospect bodes well for HealthKart’s future prospects.
Share Buyback
In a separate development, HealthKart announced that it will be buying back shares worth $6.5 million from employees. The startup has also reported being EBITDA profitable in the financial year ended March 2024.
Conclusion
HealthKart’s valuation surge to $500 million reflects its impressive growth trajectory and solidifies its position as a leading consumer nutrition platform in India. With significant investments from renowned private equity firms, HealthKart is well-equipped to capitalize on the growing demand for sports nutrition products in the Indian market.
About the Author
Manish Singh is a senior reporter at TechCrunch, covering India’s startup scene and venture capital investments. He has written for various publications, including CNBC and VentureBeat, before joining TechCrunch in 2019. Manish graduated with a degree in Computer Science and Engineering in 2015 and can be reached at manish@techcrunch.com.
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