Gurgaon based ecommerce platform for health products, Healthkart.com has raised $12 Mn (INR 80 Cr) in its series E round of funding from existing investors Sequoia Capital India, Omidyar Network and Kae Capital. The round was led by Sequoia Capital.
The online health products startup will use the proceeds to enhance marketing initiatives, with investments in its assistance and content capabilities, portfolio expansion into additional nutrition segments and expansion into the offline space. The startup aims to expand into a wider range of nutrition products and address all preventive care and wellness needs of the consumer. Additionally, it will focus more on the fitness segment.
Founder Sameer Maheshwari stated, “Fitness is a very engaged and assistance-oriented category and customers trust us across their fitness lifecycle—from seeking advice from expert trainers/nutritionists, connecting with other fitness enthusiasts, specialist curation of products, customer reviews and buying authentic nutrition products.”
Currently, Healthkart has two offline stores and has plans to set up seven-eight more of 200-300 sq. ft size in the next six months. The startup sells consumables such as protein supplements and vitamins, and has more than 200 brands and authorized vendors on its platform. It also has private-label products in the nutrition and supplements category called MuscleBlaze and Incredio, though it is undisclosed what amount of its current business is driven by the private-label products.
Shailesh Lakhani, managing director, Sequoia Capital India Advisors, stated, “Healthkart has executed extremely well and carved out a valuable area in the online nutrition products and services market. We continue to believe they are on a unique path that will generate significant value.’
The funding news comes two months after its generic drug search business 1MG (earlier HealthkartPlus) raised an additional investment from HBM as a part of its recently closed Series B round of funding. Earlier in April, 1MG, had announced an investment of $15 Mn in Series B funding from Maverick Capital Ventures along with existing investors Sequoia India and Omidyar Network.
Till last April, before HealthcartPlus was rebranded as 1MG, Healthkart.com and HealthkartPlus were run by Bright Lifecare Pvt. Ltd. 1MG is now headed by Prashant Tandon while Sameer continues to look after Healthkart.com. As per the company, 1mg has garnered over 5.5 Mn downloads and receives over 75 Mn annual visits.
Healthkart was founded in 2011 with an investment of $1 Mn from Kae Capital and Sequoia Capital. Later, it raised another $7.5 Mn from them along with Omidyar Network. Then followed a $14 Mn round in 2013 from Intel Capital and Sequoia Capital. The startup claims to attract over a million visitors every month.
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