Temasek backs India’s HealthKart in $135 million funding

Indian consumer nutrition platform HealthKart has raised $135 million in a new financing round as it looks to expand in international markets and shore up cash to buy firms, it said Monday.

Temasek led the Gurgaon-headquartered firm’s Series H funding, valuing the 11-year-old startup at about $350 million. The startup, which also counts Sequoia India, Sofina and IIFL among its backers, has raised about $225 million to date, according to market research firm Tracxn.

HealthKart, which sells protein supplements and health accessories, said it is currently on track to generate over $122 million in annual revenue.

“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,” said Sameer Maheshwari, founder and chief executive of HealthKart, in a statement.

The startup said it will deploy the fresh funds to expand its offline presence and also scale its operations in international markets. The omni-channel nutrition retailer currently operates over 140 stores across 50 Indian cities.

In 2015, 1MG spun off from HealthKart and became a separate company. Tata Digital acquired majority stakes in 1MG at a valuation of over $400 million last year.