Healthkart raises over $65 Mn led by Temasek
- ByStartupStory | November 25, 2022
HealthKart the health tech startup has raised Rs 536.52 crore or around $66 million in a Series H round. The financing round was led by Temasek with the participation of A91 Partners. Interestingly, this was the first funding round of the Gurugram-based company in 2022 where they were able to raise a significant amount of money.
The board at HealthKart has brought forward a special resolution where they will be issuing 10 equity shares and 3,08,547 Series H compulsory convertible preference shares (CCPS) at an issue price of Rs 17,388 per share to raise Rs 536.52 crore or $66 million. This is being done as per the regulatory filing with the Registrar of Companies (RoC). The Series H round was led by Temasek (via V-Science Investment) with Rs 389.46 crore ($47.7 million). The remaining sum of a hefty Rs 147.06 crore ($18 million) was invested by A91 Partners.
The healthtech company is currently valued at around Rs 3,150 crore or $390 million (post-money). It was in May 2019 when HealthKart last raised funds worth $25 million in a Series G round. If all goes well then the company may receive more funds in this round.
Healthkart is responsible for owning and manufacturing eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo.
A special resolution has been passed by the board of HealthKart to increase the existing ESOP pool under ESOP Scheme 2021 by 35,234 options to 91,514 options. Fintrackr has estimated that the fresh options added to HealthKart’s stock options which are now worth around Rs 61.3 crore, whereas the total value of the company’s ESOP pool has been increased to Rs 159 crore or about $20 million.
Although HealthKart has claimed that it earned Rs 700 crore in revenue for FY22, its operating revenue remained mostly stable at Rs 310 crore in FY21 as compared to Rs 335 crore in FY20. Fintrackr’s analysis has further revealed that the company managed to control its losses by 79.2% to Rs 41.2 crore in FY21 from Rs 198 crore in the previous fiscal year.
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