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Updated: Healthkart raises $12M from existing investors


Update: Healthkart cofounder Sameer Maheshwari confirmed that the company had raised fresh funding led by Sequoia India, with participation from existing investors Omidyar Network and Kae Capital among other unnamed ones. It plans to invest in its assistance and content areas, add more categories in the nutrition segment and in the offline space.

Earlier today: Healthkart, the online healthcare and fitness store, has raised Rs 80 crore ($12 million) in Series E funding from existing investors including Sequoia Capital India and Kae Capital according to Registrar of Companies (RoC) documents, reports Mint.

Healthkart will use the funds for offline expansion from the current 2 stores to 7-8 in the next 6 months, product expansion and marketing. It also plans to focus on the fitness segment. We’ve written to the company for a confirmation and will update this once we hear from them.

Previously, both HealthKart and HealthKartPlus (now rebranded to 1mg) were run by Bright Lifecare, and HealthKartPlus functioned under 1mg Technologies. Towards the end of 2013, HealthKartPlus expanded operations to Bangalore after serving in Delhi-NCR after its inception.

HealthKart was founded by Prashant Tandon and Sameer Maheshwari in 2011 and lists health and personal care products for sale along with supplements. It launched the online generic drug search engine HealthKartPlus in 2012. Tandon heads 1mg while Maheshwari looks after HealthKart.

Healthkart’s private labels; Phyzosearch engine shut down:
In June last year, the company launched its second private label brand Incredio. Its first private label is MuscleBlaze, a protein supplements products brand. HealthKart had also launched a search engine called PHYZO to find gyms in Delhi-NCR, which has now been shut, according to the report. Healthkart currently claims to offer 200 brands.

1mg funding:
In April this year, 1mg (previously known as HealthkartPlus and which operates an online prescription drugs marketplace) raised $15 million in Series B funding led by Maverick Capital Ventures, with participation from existing investors Sequoia India and Omidyar Network. It also raised an additional funding from HBM Healthcare Investments AG. In April last year, it raised funding worth $6 million from Deep Kalra, founder of MakeMyTrip, Sequoia Capital, Omidyar Network, Intel Capital and Kae Capital. At that time, it rebranded to 1mg.

Medd acquisition:
Last month, 1mg acquired Medd.in, a platform which allows users to book diagnostic imaging tests, for an undisclosed amount. Medd’s founders Arpit Kothari, Anurag Mundhada and Era Dwivedi joined 1mg. In October 2015, Medd raised $150,000 as a part of a bridge round and seed funding from Ajeet Khurana according to VCCircle.

Also read: Our interview with Healthkart cofounder Prashant Tandon on how the online pharmacy business works

Our online pharmacy coverage.

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