Intel Capital has invested (pdf) $16 million in three e-commerce companies including the consumer health company Bright Lifecare (which operates the online health care company HealthKart), and the online marketplace Snapdeal.The financial details of each individual investment were however, not disclosed.
This investment follows unconfirmed reports from March 2013, which had suggested that HealthKart had raised $14 million from Intel Capital and Sequoia Capital. It was reported that Intel Capital had invested $8 million in HealthKart while Sequoia Capital had invested the remaining $6 million in the company. Sequoia Capital MD Mohit Bhatnagar however had declined to comment on the investment at the time, stating that it was too early for them to comment on this development. We have contacted Bhatnagar to confirm if Sequoia Capital has also participated in this round and will update the story once we get a response.
Post this investment, HealthKart’s total funding raised stands at $22.5 million. HealthKart had previously raised Rs 27 crores ($21.5 million) from Sequoia Capital and Omidyar in a Series A funding round, according to a report by VCCircle. Prior to that, HealthKart raised $1 million from KAE Capital and Sequoia in its seed round. The company claims to have a database of 1,00,000 drugs in its new marketplace. It is worth noting that Healthkart had acquired its competitor MadeInHealth, a year ago in March 2012, thereby eliminating its competition.
The company had launched HealthKartPlus in September 2012 as a search engine for prescribed drugs, however it was later pivoted to a marketplace which offers prescribed drugs, possibly in a bid to comply with the government’s FDI regulations in e-commerce. The service however covers only select regions in the Delhi-NCR region at time of writing this article.
Snapdeal investment: As for the investment in Snapdeal, this is probably part of the $50 million investment that the company had closed last week. The investment round was reportedly led by eBay Inc with participation from Recruit Co, Intel Capital, Saama Capital, the Russian venture firm, ru-Net, existing investors like Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners and a few angel investors like the founders of the US-based The FreshMarket and others.
Snapdeal has raised around $102 million investment until now. This includes a $40 million round from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners in July 2011, a $12 million round from Nexus Venture Partners and Indo-US Venture Partners in Jan 2011 and an undisclosed Series A round from IndoUS Venture Partners.