Healthkart, a startup focused on health supplements, has secured $153 million in funding. ChrysCapital and Motilal Oswal Alternates led this funding round, as stated by the company. Additionally, the round featured an ESOP buyback worth ₹55 crore, marking the firm’s first-ever initiative of this kind. Neo Group and A91 Partners, an existing investor in the startup, also contributed to the funding.
As part of this funding round, Peak XV Partners, an early investor, exited the Gurgaon-based startup, according to sources familiar with the matter.
Established in 2011 by Sameer Maheshwari, an IIT and Harvard alumnus, Healthkart operates several digital-first brands. These include MuscleBlaze, HK Vitals, and Gritzo. Among them, MuscleBlaze stands out as a leading Indian brand in sports nutrition and dietary supplements, especially protein powders.
“We welcome ChrysCapital and Motilal Oswal to Healthkart and hope to leverage their expertise during the next phase of growth. Very excited about our first Esop buyback programme, which will create meaningful value for people who have played a critical role in building Healthkart. We firmly believe that people are our greatest asset, and we aim to align their personal success with the company’s long-term vision,” said Sameer Maheshwari, founder and CEO at Healthkart.
“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. MuscleBlaze stands out as a leading brand, supported by a robust mix of proprietary channels, while HK Vitals offers high quality nutraceuticals. ChrysCapital believes that HealthKart’s exceptional management team, strong brand portfolio, omnichannel distribution, and superior marketing capabilities provide the ideal foundation for significant growth and value creation,” Arpit Vinayak, Vice-President, ChrysCapital said.
“We are very excited to partner with HealthKart in its next phase of growth journey. Company has demonstrated a strong track-record of creating market leading consumer health brands through its differentiated products and multi-channel distribution presence. HealthKart’s commitment to providing high quality, affordable and relevant dietary supplements, sports nutrition and wellness products aligns perfectly with our objectives of promoting healthier lifestyle,” said Rohit Mantri, Co-Head and Managing Director – Private Equity at Motilal Oswal Alternates.
