Nutrition Platform HealthKart gets a fresh round of funding of $25 million

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Bright Lifecare Pvt. Ltd., which owns the online-offline nutrition platform, HealthKart, has raised a fresh round of funds equal to $25 million from a new investor – a Belgium-based private equity company named Sofina. The existing investors are Sequoia Capital India, Omidyar Network, and Kae Capital. 

Business-Funding
HealthKart will use the funds to expand its business and create more private labels through which it can sell direct-to-customer nutrition products.

The company will use the freshly raised funds to increase its offline presence, arrange an in-house Research and Development centre, put up a manufacturing plant, and launch a lot more private supplement brands that will be sold directly to customers. 

At present, HealthKart offers an array of nutrition supplements like vitamins, proteins, and herbal supplements through the online platform. Offline, the firm has 110 stores across 40 Indian cities. The company currently has a sports nutrition brand called MuscleBlaze that has been recording double-digit growth. 

The company already has a 30-member R&D team consisting of food scientists and pharmacists which is working towards neutraceutical solutions specifically created for Indians. The idea of a separate manufacturing unit is to ensure high quality of products and quicker production of products. 

The aim of the nutrition-based startup is to set up offline stores with experts who will help consumers navigate and choose the right medicines or supplements. 

The company has stated to be witnessing a year-on-year growth of 60 per cent ever since it was established in the year 2011. In 2015, the medicine and medical business was sold off as a different entity under the name 1mg. 

Source: VCCircle 

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