So, some amount of consolidation in the fledgling e-health space already: Healthkart, an e-health store, has announced the acquisition of another e-health store called MadeInHealth. MadeInHealth provides body-building and weight loss supplements to its users, and as a part of the acquisition, HealthKart has acquired the domain name, database, merchandise and a facebook group with around 100,000 followers; around 7-8 people from the MadeInHealth team have joined HealthKart, MadeInHealth founder Jatin Modi told MediaNama. Modi and Maniraj Singh have joined Yebhi as Assistant Vice Presidents for Business Strategy; Yebhi is claiming that it has “acquired” MadeInHealth’s founding team for “an undisclosed sum of cash and equity”.
At Yebhi, Modi will handle Social Media Marketing, Offline Marketing (ATL and BTL), Public Relations, Brand Ownership of footwear brands Aiva and Blanca and Content Management, while Singh will look into Product Website, Photography and Editing, Mobile Recharge, Brand custody of Foresster and Navy Front.
Why MadeInHealth Did This Deal
Modi told MediaNama that it was difficult to get capital inflows to run the business, and they were in discussions with other companies, including Yebhi for selling. However, Yebhi was interested in the team, while HealthKart was primarily interested in the business, with the intent of making it a large health and nutrition store, complementing HealthKart.com. HealthKart acquired the business in March 2012.
HealthKart, launched in March 2011, is backed by Sequoia Capital and Omidyar, from which it had raised Rs 27 crore, according to VCCircle. Prior to that, HealthKart raised $1 million from KAE Capital and Sequoia in seed funds. It claims to sell over 12,000 products across fitness, health and personal care categories such as nutrition, diabetes, home devices, eye and personal care. In addition to the health-care products it also sells various health services, such as preventive health packages, diagnostic tests and gym memberships.
(with inputs from Apurva Chaudhary)