MuscleBlaze parent HealthKart secures $153M in funding, unveils Rs 55 Cr ESOP buyback
This investment round follows a milestone fiscal year where the company achieved over Rs 1,000 crore in revenue and reached full-year EBITDA profitability, the company said.
Consumer nutrition platform HealthKart has raised $153 million in a funding round led by ChrysCapital and Motilal Oswal Alternates, with additional investments from Neo Group and existing backer A91 Partners.
Avendus Capital acted as the exclusive financial advisor for the transaction.
This investment round follows a milestone fiscal year where the company achieved over Rs 1,000 crore in revenue and reached full-year EBITDA profitability, the company said.
In addition, HealthKart announced its first employee ESOP buyback worth Rs 55 crore, benefiting both current and former employees.
"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 program 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," Sameer Maheshwari, Founder and CEO of HealthKart, said.
Founded in 2011 by Sameer Maheshwari, an alumnus of IIT and Harvard, HealthKart manages a range of digital-first brands, including MuscleBlaze, HK Vitals, and Gritzo.
MuscleBlaze is one of the most popular Indian brands specialising in sports nutrition and dietary supplements, particularly protein powders.
"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.
Edited by Jyoti Narayan