HealthKart, the nutrition and supplements platform founded in 2011, has managed to post strong growth even as quick commerce reshapes how consumers buy health products online. The company reported revenue of Rs 1,368 crore and profit of Rs 120 crore in FY25, up 29% and more than threefold, respectively, from the previous year, helped by a sharp improvement in unit economics and a steady push into owned brands.
The company spent Rs 0.97 to earn every rupee of revenue during the year, compared with Rs 1.01 in FY24, while Ebitda margin expanded to 6%. The performance stands out in a segment where vertical marketplaces have struggled to defend margins against the rapid expansion of horizontal platforms and instant delivery apps.
Brand Ownership Edge
HealthKart’s strategy has increasingly centred on brand ownership. It now owns eight nutrition brands — MuscleBlaze, HK Vitals, TrueBasics, Gritzo, bGreen, Nouriza, The Protein Zone, and FuelOne. These account for over 75% of overall revenue, giving the company tighter control over pricing, margins and distribution.
That ownership has also allowed HealthKart to participate meaningfully in the quick commerce boom rather than compete directly with it. Products from its key brands are now sold on Blinkit, Zepto and Swiggy Instamart, with quick commerce accounting for nearly half of its e-commerce sales. Data from Datum Intelligence shows MuscleBlaze holds a 16% share of Blinkit’s protein category, ranking behind The Whole Truth and Optimum Nutrition, while TrueBasics adds another 4%. Together, HealthKart’s brands make up roughly a fifth of the category on the platform.
Even as it expands on quick commerce, the company has maintained a diversified sales mix. About 40% of revenue comes from online marketplaces and quick commerce platforms, while the remaining 60% is generated through its own website and a network of 240 physical stores across 140 cities. HealthKart plans to increase this to 300 stores by the end of FY26 and more than 500 over the next four years, with expansion focused on Tier-2 and Tier-3 markets in southern, eastern and central regions.
Scaling the Physical Frontier
The company is also preparing to open its first offline stores overseas, with two outlets planned in Dubai by March, building on its existing online presence in the UAE and Singapore through platforms such as Amazon and Noon.