ChrysCapital and Motilal Oswal Alternates led a $153 million fundraising round in Healthkart, a health supplement firm where early backer Peak XV Partners exited completely.
The fundraise included Rs 55 crore in employee stock option plans (Esops), which was Healthkart's first such exercise, according to a statement.
Neo Group and Healthkart's previous investor, A91 Partners, also took part in the round, according to the announcement.
Separately, two people familiar with the transaction claimed Peak XV Partners, which had invested approximately $15 million (adjusted for currency rate) in Healthkart over many stages, generated $120 million in total returns, or more than a $100 million windfall.
Peak XV Partners owned approximately 27% of Healthkart, which was spun off in 2015 from 1mg and is now controlled by Tata Digital.
Healthkart's current funding round valued company at $500 million, up from $370 million in December 2022, when it raised $135 million from Singapore's government wealth fund /Temasek.
Prashant Tandon and Sameer Maheshwari launched the company in 2011.
"We welcome ChrysCapital and Motilal Oswal to Healthkart and hope to leverage their expertise during the next phase of growth," said Maheshwari, Healthkart's founder and CEO. "Very excited about our first Esop buyback programme, which will create meaningful value for people who have played a critical role in building Healthkart."
Healthkart's recent funding round joins a string of big secondary transactions in fast-growing firms on the route to profitability, including Lenskart, Purplle, OfBusiness, and others.
Healthkart owns several digital-first nutrition products, including MuscleBlaze, HKVitals, and Gritzo. In FY24, the company exceeded the Rs 1,000 crore revenue mark while also achieving full-year Ebitda profitability.
According to a statement from HealthKart, the company is continuing to enhance existing core brands while expanding into international markets. It has more than 200 outlets in 90 locations across India.
"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," stated Arpit Vinayak, VP at ChrysCapital
