The new investment by Indian HealthKart is valued at $500 million

Indian omnichannel nutrition startup HealthKart raised $153 million this 12 months in considered one of the country’s largest consumer startup deals, valuing the corporate at about $500 million, based on a source aware of the matter.

The new investment was co-led by private equity firms ChrysCapital and Motilal Oswal, with Avendus Capital serving as financial advisor. A91 Partners and Asset Manager Neo Group also participated within the new investment.

According to people aware of the matter, some existing investors sold their shares to new sponsors. HealthKart counts Peak XV, Temasek, Sofina and wealth manager IIFL amongst its supporters.

Gurugram-based HealthKart reported revenue of $118.5 million for the 12 months ending March 2024, strengthening its position as India’s largest consumer nutrition platform. The startup sells protein supplements and health accessories.

The 13-year-old startup, which grew out of online pharmacy startup 1MG, said it was also buying back $6.5 million value of stock from employees. The startup generated profitable EBITDA within the financial 12 months ending in March.

“The Indian sports nutrition market, currently underpenetrated, is expected to expand due to increased fitness awareness and the growing importance of nutrition and protein,” Arpit Vinayak, vice chairman of ChrysCapital, said in a press release.