Healthkart is raising ₹174 crores from Advent Management Belgium

Gurugram-based one-stop shop for health, fitness & beauty Healthkart is reportedly raising ₹174 crores ($25 million) from Advent Management (Belgium). The transaction will take place through issuing 1,96,420 Series G Cumulative Convertible Preference Shares (CCPS) at a higher price of ₹8,858.57. This will increase the startup’s valuation.

Earlier in October 2018, the startup raised ₹89.5 crores from IIFL Alternate Asset Advisors (IIFL Holdings) and Sequoia Capital. And just three months before, Healthkart raised ₹65 crores from Kalysta Capital and Gulu Lalchand Mirchandani. A few months later, Mirchandani invested another ₹3 crores and purchased 4,201 Series F CCPS worth ₹7,150.47 each.

Following the investment, Ashish Dhawan and Akhil Dhawan also invested ₹4.24 crores and ₹70.76 lakhs respectively. Both of them purchased 5,942 and 991 shares respectively. Healthkart also raised ₹14 crores in Series F round from The Yog Family Foundation.

Founded by Sameer Maheshwari in 2011, Healthkart is an e-commerce platform that lets customers discover and shop health & fitness supplements! It’s an easy-to-use health supplement buying app that helps to find the right supplement for you according to your fitness goal. HealthKart assures 100% authenticity.

The startup competes with Neulife, Healthgenie and HealthyWorld. Healthkart witnessed a 56.3% increase in its revenues from ₹120.59 crores in FY17 to ₹188.52 crores in FY18. The startup also managed to cut down its losses by 46.5% to ₹22.4 crores in FY18 from ₹42.26 crores in FY17.

Healthcare segment has continued to receive funding from investors over the past couple of years. The industry is expected to reach ₹26 lakh crores ($372 bn) by 2022. Healthcare industry in India comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.

SW Staffhttps://startupwonders.com/guestpost
Startup Wonders provide startup resources, stories and news to help budding entrepreneurs grow and succeed in their business career.

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