HealthKart Turns Profitable, Posts INR 38 Cr PAT In FY24

Nutrition-focussed ecommerce marketplace HealthKart turned profitable in the financial year 2023-24 (FY24) on the back of growth in its top line and improvement in margins.

As per the standalone financial statement of Bright Lifecare Pvt Ltd, the parent of HealthKart, sourced from Tofler, the company posted a net profit of INR 38.33 Cr in FY24 as against a loss of INR 164.73 Cr in FY23.

Meanwhile, its top line zoomed past the INR 1,000 Cr mark. HealthKart’s revenue from operations surged 23% to INR 1,021.53 Cr during the year under review from INR 832.48 Cr in FY23. 

Including other income of INR 47.84 Cr, total income for the fiscal stood at INR 1,069.37 Cr.

Earlier this month, HealthKart raised $153 Mn in a funding round co-led by ChrysCapital and Motilal Oswal Alternates (MOA). In a statement, the company then said that FY24 was a “milestone year” for it. 

“In the fiscal year, the company not only crossed INR 1,000 Cr revenue, but also achieved full year EBITDA profitability,” the statement said. 

Founded in 2011 by Sameer Maheshwari and Prashant Tandon as HealthKart Plus, the startup initially acted as an ecommerce platform selling health supplements as well as pharmaceutical drugs. 

The company’s current avatar, HealthKart, was initiated in 2015. It now operates as an omnichannel consumer nutrition platform. It has raised over $350 Mn since inception.

Where Did HealthKart Spend? 

HealthKart managed to control its expenses, with total expenditure rising a mere 1.4% despite the 23% increase in top line. It reported a total expenditure of INR 1,030.98 Cr in FY24 as against INR 1,016.55 Cr in the previous fiscal year. 

Cost of Materials Consumed: This was the biggest expense for HealthKart, rising 18% to INR 401.03 Cr from INR 341.61 Cr in FY23

Employee Benefit Expenditure: Employee costs grew 11% to INR 120.62 Cr in FY24 from INR 108.53 Cr in the previous year. 

Advertising Expenses: The startup spent INR 187.35 Cr on advertising and marketing during the fiscal under review, a slight decrease from INR 188.62 Cr in the previous fiscal year.