Online supplement store HealthKart on Monday said it has raised $153 million funding round led by ChrysCapital and Motilal Oswal Alternates. The secondary round also saw Neo Group and the startup’s existing investor A91 Partners’ participation, the company said in a statement.

HealthKart also announced an employee ESOP buyback of Rs 55 crore, its first liquidity event. The company said the buyback will benefit both current as well as former employees who have been part of the company’s growth journey.

Speaking on the latest capital infusion, Sameer Maheshwari, Founder & CEO of HealthKart, said, “We welcome ChrysCapital and Motilal Oswal to HealthKart and hope to leverage their expertise during the next phase of growth. Very excited about our first ESOP buyback program which will create meaningful value for people who have played a critical role in building HealthKart.” We firmly believe that people are our greatest asset and we aim to align their personal success with the company’s long-term vision.”

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Founded in 2011 by Prashant Tandon and Sameer Maheshwari, HealthKart had separated its generic drug business HealthKartPlus and rebranded as 1MG in 2015 to be led by Tandon while Maheshwari continued to lead HealthKart. 1MG was acquired by Tata Digital, a subsidiary of Tata Sons in 2021 for the latter to foray into the e-pharmacy space. 

HealthKart, which offers nutritional products across categories including sports nutrition, vitamins and supplements, ayurveda, health food and drinks apart from wellness products and fitness accessories, said it not only crossed Rs 1,000 crore in revenue in FY24 but also achieved full-year EBITDA profitability.

“The Indian sports nutrition market, currently underpenetrated, is expected to expand due to a rise in fitness awareness and the increasing importance of nutrition and protein. MuscleBlaze stands out as a leading brand, supported by a robust mix of proprietary channels, while HK Vitals offers high-quality nutraceuticals,” said Arpit Vinayak, VP, ChrysCapital. 

HealthKart had earlier raised $135 million from Singapore’s sovereign fund Temasek, A91 Partners and Kae Capital in December 2022 at a reported valuation of around $370 million.

The digital health market in India is likely to grow from around $5.34 billion in 2024, at a CAGR of 13.14 per cent to $9.90 billion by 2029, as per data platform Statista.