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HealthKart, the omnichannel healthcare technology platform, has achieved a significant milestone by securing $65.7 million in Series H funding. This funding round was led by Temasek, a prominent investment company, and saw participation from A91 Partners. It marks the company’s first investment round in the year 2022, solidifying its position in the healthcare sector.
The Funding Details
HealthKart’s board of directors approved a special resolution, allowing the company to raise approximately Rs 536.52 crore, which is equivalent to about $65 million. This funding was acquired through the issuance of “10 equity shares” and “3,08,547 CPS at an issue price of Rs 17,388 per share.”
- Temasek, through its subsidiary V-Science Investment, contributed Rs 389.46 crore, approximately $47.7 million, to the Series H funding.
- A91 Partners added the remaining amount, Rs 147.06 crore, equivalent to $18 million, completing the funding round.
As a result of this funding, HealthKart’s estimated valuation has reached around Rs 3,150 crore, which is approximately $390 million (post-money). It’s worth noting that HealthKart had previously participated in a Series G funding round in May 2019, where it raised a total of $25 million. The company may secure additional funding as part of this new funding round.
HealthKart’s Impressive Portfolio
HealthKart stands out in the healthcare industry for owning and manufacturing eight different nutritional brands. Some of these brands are well-known dietary supplement companies, including MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, and Nouriza.
Additionally, the board of directors of HealthKart has approved a special resolution to expand the size of the existing Employee Stock Ownership Plan (ESOP) Scheme 2021 by adding 35,234 options, bringing the total number of options to 91,514.
The newly added options are estimated to have a value of approximately Rs 61.3 crore, while the total value of the ESOP pool at the company has risen to Rs 159 crore, which is equivalent to nearly $20 million.
Financial Performance and Growth
Despite the challenges posed by the COVID-19 pandemic, HealthKart has shown resilience. Its operating revenue remained relatively stable at Rs 310 crore in FY21 compared to Rs 335 crore in FY20. However, the company reported a significant surge in revenue, amounting to Rs 700 crore, for FY22.
In an impressive financial achievement, HealthKart managed to reduce its losses by 79.2% in FY21. The total losses decreased from INR 198 crore in the previous fiscal year to Rs 41.2 crore.
Sameer Maheshwari founded HealthKart, an online health and fitness store catering to both men and women. The platform offers customers a wide range of fitness products, services, and a supportive community to help them achieve their health and fitness goals.
HealthKart’s product offerings include authentic wellness items, sports clothing, protein supplements, fitness equipment, dietary supplements for weight loss, and more. Additionally, the platform provides gym memberships, access to personal trainers, and various other services aimed at promoting a healthy lifestyle.
This latest funding round positions HealthKart for further growth and innovation in the healthcare and wellness sector, solidifying its commitment to enhancing the well-being of its customers.