Health-tech is attracting massive investments in India. The sector obviously has great relevance in a country, where even primary healthcare isn’t in the reach of close to 50% of the population. We saw earlier how over 800 companies are currently operational in the segment with over $300 Million in funding. And new startups and funding do not seem to stop for now.
Just a couple of days back, Bengaluru-based health content platform Modasta raised $1.5 million. And now, popular online marketplace of health products, Healthkart has secured a decent $12 Million in Series E round, led by a largely-dormat-VC-fund this year — Sequoia.
According to a Livemint report, Sequoia Capital and KAE capital participated in this funding round. The firm will use freshly infused funds to expand its offline stores and increase marketing initiatives.
The report cited documents submitted to the Registrar of Companies for this fresh development. Founder and managing director of Healthkart, Sameer Maheshwari confirmed the report and said,
We plan to continue to expand into a wider range of nutrition products. The idea is that Healthkart should be able to address all preventive care and wellness needs of the consumer.
Healthkart offers a range of health supplements and healthcare products. It also provides fitness related services like bodybuilding and weight loss programs.
Healthkart was founded in 2011 with an investment of $1 million from Kae Capital and Sequoia Capital. Later, it raised another $7.5 million from them along with Omidyar Network. The company then went on to secure $14 million in 2013 from Intel Capital and Sequoia Capital.
At present, Healthkart offers consumable supplements like proteins and vitamins from more than 200 brands and authorized vendors. In addition to this, it also provides private-label products called MuscleBlaze and Incredio in nutrition supplements segment.
The company aims to become a one-stop solution for customers seeking assistance in their fitness cycle. Talking about the same, Maheshwari says,
Fitness is a very engaged and assistance-oriented category and customers trust us across their fitness lifecycle—from seeking advice from expert trainers/nutritionists, connecting with other fitness enthusiasts, specialist curation of products, customer reviews and buying authentic nutrition products.
Commenting on their regular investment in Healthkart, Shailesh Lakhani, managing director, Sequoia Capital India Advisors said that,
Healthkart has executed extremely well and carved out a valuable area in the online nutrition products and services market. We continue to believe they are on a unique path that will generate significant value.
Notably, Healthkart also had a generic drug business in the form of Healthkart Plus. It formed a separate entity for that and rebranded it in the form of 1mg technologies.
Earlier this year, 1mg raised 100 crores in Series B round from Maverick Capital Ventures, Sequoia Capital, and Omidyar Network. Later, it secured additional capital in the same round from HBM Healthcare Investments AG. Last month, 1mg also acquired diagnostics lab aggregator Medd to further strengthen its diagnostics vertical.