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HealthKart raises $153 Mn, completes first ever ESOP buyback

EntrackrEntrackr · 8m ago
HealthKart raises $153 Mn, completes first ever ESOP buyback
Medial

Omnichannel nutrition platform HealthKart has raised $153 million led by ChrysCapital and Motilal Oswal Alternates. Existing investor A91 Partners along with Neo Group also participated in the new round. HealthKart owns and operates several nutrition brands including MuscleBlaze, HKVitals and Gritzo. Apart from online presence, the firm has over 200 retail stores across 90 cities. In December 2022, HealthKart raised $135 million led by Temasek with participation from A91 Partners and Kae Capital. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised around $360 million to date. As per the company’s press release, it crossed 1,000 crore in revenue threshold in FY24, and also achieved full year EBITDA profitability during the said fiscal year. While the firm has yet to file the audited numbers officially, it recorded Rs 832 crore revenue in FY23 with a loss of Rs 76 crore. HealthKart spun off its generic drug search business, HealthKartPlus, in 2015 and rebranded it as 1mg, which now operates under Tata 1mg Technologies Private Limited. Along with the funding, HealthKart has also announced its first ever employee ESOP buyback plan worth Rs 55 crore ($6.5 million). The buyback will benefit both current as well as former employees. According to TheKredible’s data, more than 20 startups have implemented ESOP buyback, liquidity, and payout programs worth around $200 million in the ongoing calendar year (2024).

Zepto in talks for $250 Mn secondary round

EntrackrEntrackr · 3m ago
Zepto in talks for $250 Mn secondary round
Medial

Zepto in talks for $250 Mn secondary round Quick commerce and foodtech firm Zepto is in talks for a $250 million secondary round, allowing existing stockholders to offload equity. The move aims to increase Indian investor ownership ahead of Zepto's planned IPO later this year. Bloomberg, which reported the development first, said that the private equity arms of Motilal Oswal Financial and Edelweiss Financial Services are in discussions to acquire shares in this secondary sale. The transactions are expected to take place at a valuation of over $5 billion. It’s worth noting that Zepto raised its last round worth $350 million at the same valuation ($5 billion), where Motilal Oswal was the lead investor. In 2024, the Aadit Palicha-led company raised $1.35 billion, bringing its total funding to $1.85 billion since its inception. Zepto delivers over 25,000 products across various categories within 10 minutes via its extensive network of dark stores. The firm operates more than 550 dark stores and processes upwards of 700,000 orders daily. Through a separate app, Zepto Cafe, it’s also one of the leading 10-minute food delivery service providers. As per TheKredible, Zepto’s revenue from operations surged 2.2X to Rs 4,454 crore in FY24 from Rs 2,026 crore in FY23. Meanwhile, the company managed to reduce its losses marginally by 2% during the same period. Earlier this year, Zepto shifted its domicile from Singapore to India, a move that will expedite the process of listing on the Indian stock exchange.

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