HealthKart raises $25 mn from Sofina; to use funds for expansion

Bright Lifecare Pvt Ltd, which owns HealthKart, India’s largest omnichannel nutrition platform, has raised $25 million from Sofina in a fresh round of financing, the company said in a statement. 

The company, which claims to be India's only pure play online/offline nutrition platform, will use the funds to expand its offline store network, develop additional direct-to-consumer nutrition brands and strengthen its vertical integration.

India's dietary supplement market, worth over a billion dollars, is ripe for innovation with macro tailwinds of fitness and preventive care. The category is now becoming mainstream with online and specialty nutrition stores driving awareness of such products amongst digitally savvy customers.

The company claims its flagship brand, MuscleBlaze, has become a leader in the fast growing sports nutrition market of India. Within four years of launch, MuscleBlaze has achieved double-digit market share and strong brand recall by using digital channels to tap into the expanding base of fitness consumers in the country. The company plans a similar approach in building strong brands in adjacent nutrition categories such as vitamins, health supplements and kids nutrition. 

The HealthKart omni-channel platform, which consists of an online portal and more than 110 offline stores spread across 40 cities, is the core customer education and acquisition tool for the company. Trained nutrition experts, available at the stores and online, help customers navigate and select the right products. The company plans to expand the store network, and also leverage data and AI technologies to provide superior assistance to customers.    

HealthKart also aims to provide full-stack product solutions to its customers. The company has set up a full-fledged 30 member R&D team, consisting of food scientists and pharmacists, who are working on developing next generation nutraceutical solutions suitable for Indian consumers. The company is also in talks to set up a manufacturing plant, which will allow for tighter quality control and quicker product development.  

Sameer Maheshwari, Founder & CEO of HealthKart said, “With a strong focus on product development, manufacturing and distribution, our mission is to make health and nutrition mainstream and bring best-in-class nutrition solutions to customers. We are very excited to partner with Sofina, who have deep experience in investing in consumer brands, for the next phase of our growth.”

Tanya Sen, Investment Manager at Sofina Asia said, “We look forward to partnering with HealthKart to further expand its brand portfolio and distribution network in the fast-growing nutrition & wellness space in India. 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.”

Founded in 2011 by Sameer Maheshwari & Prashant Tandon, HealthKart is India's largest omni-channel nutrition platform. HealthKart offers a comprehensive range of nutrition supplements such as proteins, vitamins and herbal supplements, through a combination of online portal and 110+ offline stores spread across 40 cities. The company offers assistance to its customers in product selection and diet planning through trained nutritionists. The company also owns India’s leading sports nutrition brand, MuscleBlaze. HealthKart’s existing investors include Sequoia Capital India, Kae Capital and Omidyar Network.