HealthKart, a fitness supplement brand, is considering an initial public offering to raise as much as $300-400 million (about ₹2,800-3,800 crore), according to reports from Mint. The nutrition and supplements platform has begun early discussions with stakeholders and intermediaries to kickstart the process. As reported by Mint, formal pitches are expected to happen over the next quarter, with the company likely to combine a fresh capital raise with a secondary share sale by existing investors.
If market conditions sustain, HealthKart will aim to list on the exchanges by the end of next year, as reported by Mint. The IPO preparations come amid a pickup in listing activity among Indian technology and consumer businesses, 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 comment on the developments.
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, according to Mint. HealthKart's top direct competitors in the online health, fitness and nutritional supplement market include Nutrabay, Hyugalife and HealthyHey. Recent market activity includes Fast&Up's ₹300 crore fundraise from Elev8 Venture Partners and HyugaLife's ₹100 crore fundraise from IvyCap Ventures, as reported by Mint.
Founded in 2011 by Sameer Maheshwari, HealthKart operates digital-first brands including MuscleBlaze, HK Vitals and Gritzo across proteins, dietary supplements and kids nutrition segments, according to Mint. The company has over 200 offline stores in more than 90 cities. In 2024, 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 in the previous year, as reported by Tofler from Ministry of Corporate Affairs data. Profits widened significantly to ₹119.98 crore from ₹36.66 crore in FY24.
In 2024, HealthKart executed a $153 million secondary funding round led by investors ChrysCapital and Motilal Oswal Alternates, along with a buyback of employee stock options worth ₹55 crore, as reported by Mint. Other participants included Neo Group and existing investor A91 Partners at a valuation of about $500 million. The company's other past and current backers include Temasek, A91 Partners, Sofina, Kae Capital, Peak XV and Sharrp Ventures.
