Digital nutrition platform HealthKart has raised $25 Mn from Sofina in a fresh round of financing. Existing investors include Sequoia Capital India, Kae Capital, and Omidyar Network.
HealthKart is an omnichannel healthcare platform, made up of an online portal, over 110 retail stores spread across 40 cities. Owned by Bright Lifecare Pvt Ltd, HealthKart also provides customer education modules for users in topics such as nutrition, fitness, and wellness, through trained experts.
Currently, HealthKart claims the online-offline split at 50:50. It also offers assistance to its customers in product selection and diet planning through trained nutritionists. The company said it would use the funds to further expand its store network, and plans to use data science and artificial intelligence (AI) to improve its customer-facing offerings.
Last year, HealthKart raised around $10 Mn or INR 73 Cr in a fresh funding round from Sequoia India and IIFL Alternate Asset Advisors Ltd. in July 2017, the company had raised around $1.01 Mn from Kae Capital. Other investors include Intel Capital, Edelweiss, Marico founder Harsh Mariwala and MakeMyTrip founder and CEO Deep Kalra.
HealthKart Co-founder and CEO Sameer told, “In 2015, we decided to focus on HealthKart as a nutritional business. We saw a large opportunity in the space. Unlike the US, which has specialty nutrition stores, there were none in India. People had started moving towards preventive care, and there was hardly any offline presence. So, we decided to enter the offline nutrition market and provide the same experience we do online – give the consumer support, counseling and guidance.” Soon the team integrated the channel.
On the funding, Tanya Sen, Investment Manager at Sofina Asia, said, “We look forward to partnering with HealthKart to further expand its brand portfolio and distribution network. We are impressed by the pace at which the management team has scaled the MuscleBlaze brand and are proud to back their commitment to building a range of high quality, authenticity-guaranteed products for the Indian consumer. This investment is part of our strategy to be long term partners to talented entrepreneurs and investors building sustainable businesses in growing markets.”
Healthkart has seen revenue rise more than 55% to Rs 188 crore in FY18, while losses shrunk by about 50% to Rs 22 crore, regulatory filings show. HealthKart also claims it saw double-digit market share for MuscleBlaze, the company’s sports nutrition product.