Gurugram-based Bright Lifecare Pvt Ltd, which owns nutrition platform HealthKart, has raised $25 million (Rs 174 crore) in a fresh round of financing from Belgium-based investment fund Sofina (Advent Management), it announced on Thursday.
Other investors in the healthcare startup include Sequoia Capital India, Kae Capital and Omidyar Network.
Founded by Sameer Maheshwari and Prashant Tandon in 2011, HealthKart will use the funds to expand its offline store network, develop additional direct-to-consumer nutrition brands and strengthen its vertical integration, it said in a statement.
The company’s omnichannel platform currently includes an online portal and more than 110 offline stores spread across 40 cities. HealthKart claims that its flagship brand, MuscleBlaze, has become a leader in the fast-growing sports nutrition market.
“Within four years of launch, MuscleBlaze has achieved double-digit market share and strong brand recall by using digital channels to tap into the expanding base of fitness consumers in the country. The company plans a similar approach in building strong brands in adjacent nutrition categories such as vitamins, health supplements and kids nutrition,” it said.
Meanwhile, HealthKart has also set up a full-fledged 30-member R&D team, consisting of food scientists and pharmacists, who are working on developing nutraceutical solutions for Indian consumers, it said.
The company is also in talks to set up a manufacturing plant to ensure tighter quality control and quicker product development.
Sameer Maheshwari, founder & CEO of HealthKart, said, “With a strong focus on product development, manufacturing and distribution, our mission is to make health and nutrition mainstream and bring best-in-class nutrition solutions to customers. “
Tanya Sen, investment manager at Sofina Asia, added, “This investment is part of our strategy to be long term partners to talented entrepreneurs and investors building sustainable businesses in growing markets.”