HealthKart, a nutrition firm, has raised $135 million of growth funding led by Singapore state investor Temasek Holdings in participation with venture capital firms A91 Partners and Kae Capital. 

The company said it will use the fresh capital towards growing its in-house D2C brands besides investing on expanding its offline distribution and international operations. The company will also use a portion of the capital to make select acquisitions. 

HealthKart owns and operates sports nutrition brand MuscleBlaze and online health supplement brand HKVitals.  These products are distributed across online and offline channels including its own platforms, on ecommerce and quick commerce platforms, D2C websites, offline grocers and chemists, and at over 140 HealthKart-branded offline stores. 

As per the company, its products are used by more than a million consumers every month and its annual revenue run rate has crossed Rs 1,000 crore.

“We are delighted to partner with Temasek and A91 Partners in our mission to deliver innovative, high quality, yet affordable preventive care solutions to Indian consumers. Driving fitness and preventive health by addressing the nutritional gaps is a systemic trend which is taking off in a big way in India. With HealthKart’s R&D capabilities and omni-channel distribution infrastructure, we are excited to lead the way,” Sameer Maheshwari, Founder & CEO, HealthKart said. 

The company as founded as HealthKartPlus in 2011 by Prashant Tandon and Maheshwari. In 2015, it spun off its pharmaceutical vertical into a separate company named 1MG Technologies. Maheshwari continued to lead HealthKart while 1MG, headed by Tandon, was acquired by conglomerate Tata Group in a $450 million deal. 

Avendus Capital acted as the exclusive financial advisor to HealthKart for the transaction. 

The investment is welcome news to the gloom and doom of the start-up ecosystem that has been reeling under a severe funding crunch. Several start-ups in India have laid off employees in the past few months as VCs have become cautious of their investments. Healthtech start-up Healthifyme was the latest to join the layoff bandwagon, sacking about 150 employees. Recently, homegrown short video platform Josh’s parent firm, VerSe also fired 150 employees. Other start-ups that have asked people to leave include BYJU’S, Unacademy, Vedantu,Ola,  Chargebee, MPL, Meesho, Cars24 and Udaan. 

Also read: Well-being of laid off employees a top priority: OYO boss Ritesh Agarwal

Also read: Fintech start-up SanKash to hire 500 people in the next 6 months

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