HealthKart, a fitness supplement brand, is considering an initial public offering to raise as much as $300-400 million (about ₹2800-3,800 crore), three people familiar with the matter said.
“The company has begun early discussions with stakeholders and intermediaries to kickstart the process,” one of the people cited above said, adding that formal pitches are expected to happen over the next quarter. “It will likely be a mix of primary capital raise and a secondary share sale by some existing investors,” the second person said.
If it goes as planned and market conditions sustain, HealthKart will aim to list on the exchanges by the end of next year. All the people spoke on the condition of anonymity as the discussions are still private.
HealthKart’s IPO preparations come amid a pickup in listing activity among Indian technology and , with public-market investors placing greater emphasis on positive unit economics and operating discipline alongside revenue growth.
HealthKart did not respond to Mint’s requests for a comment till the time of publishing.
Market momentum
Broadly, India’s nutrition and supplements market is gaining momentum as rising health awareness and wider online access drive demand for protein, vitamins and wellness products.
HealthKart’s top direct competitors in the online health, fitness and nutritional supplement market include Nutrabay, Hyugalife and HealthyHey, as per online reports.
HealthKart is among the largest players in the segment but other recent transactions include from Elev8 Venture Partners and HyugaLife’s ₹100 crore fundraise from IvyCap Ventures. Smaller rounds include Earthful Supplements’ ₹26 crore from Fireside Ventures and V3 Ventures and Ace Blend’s $3.3 million round led by Fireside Ventures.
Brand portfolio
Founded in 2011 by Sameer Maheshwari, HealthKart is a nutrition platform operating digital-first brands including MuscleBlaze, HK Vitals and Gritzo across segments such as proteins, dietary supplements and kids nutrition. The company has over 200 offline stores in more than 90 cities.
In 2024, the company executed a led by investors ChrysCapital and Motilal Oswal Alternates, as well as a buyback of employee stock options worth ₹55 crore.
Others such as Neo Group and existing investor A91 Partners also participated in the round at a valuation of about $500 million. In a secondary funding round, investors acquire a stake in a company from other investors and no fresh capital is raised.
HealthKart’s other past and current backers include Temasek, A91 Partners, Sofina, Kae Capital, Peak XV and Sharrp Ventures.
Bright Lifecare Private Limited, which operates the Healthkart brand, reported an operating income of ₹1,312.61 crore in FY25 from ₹1,021.03 crore, a year earlier. Its profits widened to ₹119.98 crore from ₹36.66 crore in FY24, according to data sourced by Tofler from the Ministry of Corporate Affairs.