Fitness supplement brand HealthKart announced a $153 million secondary funding round led by investors ChrysCapital and Motilal Oswal Alternates, as well as an employee stock option buyout worth of $153 million. ₹55 million.

Financial services platform Neo Group and HealthKart’s existing investors A91 Partners also participated in the round, the company said. In a secondary financing round, investors acquire stakes in a company from other investors and no new capital is raised.

HealthKart was valued at around $500 million for this funding round, according to a person familiar with the terms of the deal. The company was valued at $370 million in its previous fundraising in 2022.

“The currently under-penetrated Indian sports nutrition market is expected to grow due to increased fitness awareness and growing importance of nutrition and protein,” said Arpit Vinayak, Vice Chairman, ChrysCapital , in a press release.

Founded in 2011 by Sameer Maheshwari, HealthKart is a nutrition platform operating digital-first brands including MuscleBlaze, HK Vitals and Gritzo, and in segments such as protein, dietary supplements and children’s nutrition.

The company also has over 200 offline stores in over 90 cities.

In FY24, HealthKart crossed ₹1,000 crore in revenue and achieved Ebitda profitability for the full year, the company said in the release. HealthKart is yet to report its financial results for the financial year to the Ministry of Corporate Affairs.

For FY23, HealthKart had reported a 69.5% year-on-year increase in operating revenue. ₹832.48 crore, while its net loss almost halved from the previous year to ₹164.71 billion.

ESOP buyout

HealthKart ₹The 55-crore ESOP buyback is its first liquidity event, which allows a company’s founders, investors and other shareholders to cash out.

“I am very excited about our first ESOP buyback program, which will create significant value for the people who played an integral role in building HealthKart,” Maheshwari said in the statement.

The buyout will benefit both current and former HealthKart employees.

“The company has demonstrated a strong track record in building market-leading consumer health brands through its differentiated products and multi-channel distribution presence,” said Rohit Mantri, co-head and managing director of private equity at Motilal Oswal Alternates, in the press release. statement.

Avendus Capital acted as exclusive financial advisor on the transaction.