HealthKart raises over $65m funding from Temasek, A91 Partners

HealthKart raises over $65m funding from Temasek, A91 Partners

Medical drugs in a pharmacy. Credit: Flickr/epSos .de

Indian healthcare platform HealthKart, owned by Tata 1mg, has raised over $65 million in a Series H funding round from Temasek Holdings and A91 Partners, according to a regulatory filing with the Registrar of Companies (RoC).

Entrackr first reported the development.

The round comes more than three years after HealthKart raised $25 million in a Series G round in May 2019 from Belgian investment fund Sofina (Advent Management).

Through its subsidiary V-Science Investment, Temasek invested around $47 million, while A91 Partners invested $18 million in the latest round.

HealthKart’s board passed a special resolution to issue 10 equity shares and 3,08,547 convertible preference shares at an issue price of Rs 17,388 per share to raise over $65 million, according to regulatory filings.

As per Fintrackr’s estimates, the company has been valued at around Rs 3,150 crore or $390 million (post-money). The company may receive more funds in this round.

HealthKart owns and makes nutritional brands including MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo.

HealthKart was founded by Sameer Maheshwari and Prashant Tandon in 2011, under the name Bright Lifecare (BLPL). In 2015, the firm separated from BLPL to form 1MG Technologies. Tata Digital bought a 55% stake in 1mg in June 2021.

The online pharmacy space in India is crowded by the likes of Reliance-owned Netmeds and Tiger Global-backed PharmEasy. Two months ago, 1mg entered the unicorn club after raising $40 million in fresh funding from Tata Digital, a 100% subsidiary of Tata Sons Private Limited, and other investors.


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