Temasek, InvAscent eye Healthkart stake
- ByStartupStory | May 28, 2022
Temasek ,Holdings and domestic private equity fund InvAscent is all set to acquire a significant stake in Healthcare, an omnichannel health products store, run by Bright Lifecare at around $300 Mn. Existing stakeholders like venture capital firm Sequoia, Omydar who hold 45% stake and Kae that holds 10% stake in Healthkart are expected to sell their shares partially.
Founded in 2011 by Harvard and Stanford graduates Sameer Maheshwari and Prashant Tandon respectively, it delivers genuine protein supplements to vitamins smoothly at honest prices. Healthkart reportedly raised a revenue of 700 crore in FY22 and has raised $75Mn till date. In May,2019 Bright lifecare raised ₹80crore from a Belgium based investment company Sofina.
Healthkart offers a wide range of healthcare products,being one of India’s largest nutrition platforms it provides supplements and nutraceuticals via in house native brands like Gritzo, truebasics,HKVitals and others. Spread across 40 cities it has 110 offline stores.
India’s dietary supplement market was valued at $4 billion in FY 2020. Gaia Herbs, Hello Cake, ROAM Fitness and UpSpring Baby are some of its competitors. After the pandemic this market has expanded and has seen consolidation with the entry of traditional as well as e-commerce giants. Reliance Industries bought 60% stake in Netmeds worth ₹600 crore in 2020, Flipkart acquired healthplus. Previous year Tata Digital acquired a majority stake in 1mg earlier known as healthcare plus which was separated in 2015 and is considered a different entity.
According to venture intelligence industry tracker,This industry attracted $3.2 billion during 2021 and has 28% increase year on year.
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