A fresh all-secondary investment of $153 million has raised the valuation of Indian nutrition startup HealthKart to almost $500 million, according to two people with knowledge of the situation.
Private equity companies ChrysCapital and Motilal Oswal co-led the investment, which was one of the biggest for an Indian consumer business this year. Avendus Capital provided financial advice. The round also included participation from asset manager Neo Group and A91 Partners. At one point, the startup was worth $350 million.
According to the sources, some of the original investors in the firm sold their shares to the new backers. Peak XV, formerly Sequoia India and Southeast Asia, has sold the shares it purchased for around $15 million for nearly $120 million, effectively exiting the firm. Temasek, Sofina, and financial management IIFL are also supporters of HealthKart.
HealthKart, a company based in Gurugram, announced $118.5 million in revenue for the fiscal year that concluded in March 2024, solidifying its standing as the biggest consumer nutrition platform in India. The firm offers health accessories and protein supplements for sale.
The 13-year-old company, which split off from online drugstore startup 1MG, announced on Thursday that it is repurchasing $6.5 million worth of employee shares. In the fiscal year that concluded in March, the startup was EBITDA profitable.
“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,” said Arpit Vinayak, VP at ChrysCapital, in a statement.