HealthKart, a leading fitness supplement brand, has successfully raised $153 million in a secondary funding round led by ChrysCapital and Motilal Oswal Alternates. This funding round also saw participation from Neo Group and existing investor A91 Partners. Alongside this investment, the company announced a ₹55 crore employee stock option (ESOP) buyback program, marking its first liquidity event.
Funding Details and Valuation
The secondary funding round valued HealthKart at approximately $500 million, a significant increase from its previous valuation of $370 million during its last funding round in 2022. Secondary funding allows investors to acquire stakes from existing shareholders rather than injecting new capital into the company. This approach provides liquidity to early investors and employees while maintaining the company’s capital structure.
According to Arpit Vinayak, Vice President at ChrysCapital, the underpenetrated Indian sports nutrition market is poised for rapid growth, driven by increased fitness awareness and the growing importance of nutrition and protein.
HealthKart’s Growth Journey
Founded in 2011 by Sameer Maheshwari, HealthKart operates a portfolio of digital-first brands including MuscleBlaze, HK Vitals, and Gritzo, focusing on categories such as proteins, dietary supplements, and kids’ nutrition. The company boasts a robust omnichannel presence with over 200 offline stores across more than 90 cities in India.
In FY24, HealthKart surpassed the ₹1,000 crore revenue mark and achieved full-year EBITDA profitability. While its FY24 financials are pending official release, the company reported a remarkable 69.5% year-on-year revenue increase in FY23, reaching ₹832.48 crore. Additionally, net losses were nearly halved to ₹164.71 crore compared to the previous fiscal year.
First ESOP Buyback Program
HealthKart’s ₹55 crore ESOP buyback program aims to reward both current and former employees who have contributed to the company’s growth. Founder Sameer Maheshwari expressed enthusiasm about this initiative, stating that it reflects the company’s commitment to valuing its people and aligning their success with the company’s long-term vision.
“The company has consistently demonstrated a strong track record of building market-leading consumer health brands through differentiated products and multi-channel distribution,” said Rohit Mantri, Co-head and Managing Director of Private Equity at Motilal Oswal Alternates.
Advisory and Market Outlook
Avendus Capital served as the exclusive financial advisor for this transaction. HealthKart’s momentum reflects the growing demand in India’s sports nutrition market, signaling further opportunities for expansion as fitness and health gain prominence among consumers.
The Indian sports nutrition market is currently underpenetrated, with significant potential for growth due to rising fitness awareness among consumers. HealthKart’s strong brand portfolio, which includes MuscleBlaze known for its quality products and HK Vitals offering high-quality nutraceuticals, positions it well to capitalize on this trend.
Conclusion
With this recent funding round and ESOP buyback program, HealthKart is well-positioned to enhance its market leadership in the rapidly evolving health and nutrition sector. The infusion of capital will enable further investment in product development, marketing initiatives, and expansion into international markets. As consumer demand for health supplements continues to rise, HealthKart’s strategic moves reflect its commitment to innovation and growth within the industry.
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