startup funding

Healthkart Raises $25 Mn in from Belgium-based Advent Management

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Gurgaon based Bright Lifecare Pvt. Ltd., which owns Healthkart, an online health and wellness e-tailer, has raised $25 million in a Series G round of funding from Belgium-based Advent Management, according to filings sourced by paper.vc.

Launched in 2011 by Prashant Tandon and Sameer Maheshwari, the startup has raised a total of about $47 Mn in funding over four rounds including this one. The company counts Sequoia Capital India, Kae Capital and Intel Capital as its investors.

Healtkart expanded to offline businesses in 2013 and in 2015, its separated its online pharmacy business to start a different vertical — 1mg (formerly Healthkart Plus). In August 2016, it raised Rs 80 Crore of funding from Sequoia India, Omidyar Network and Kae Capital.

While 1mg works as an online pharmacy network and generic medicine engine, Healthkart is e-commerce platform for nutrition products, protein supplements etc. Business of 1mg is led by Tandon and Maheshwari runs the Healthkart business.

Last month, 1mg raised $45 million at a reported valuation of $200 million. 1mg has raised a total of about $93.4 Mn in funding over 10 rounds, according to data by Crunchbase.

1mg has also made quite a few acquisition in last 3-4 years. In August 2017, the startup acquired Dawailelo.com, a technology-based facilitator in the healthcare space that allowed individuals to buy medicines, consult with doctors and get lab tests done.

Prior to that, 1mg acquired Medd.in, a platform that operated a marketplace for booking diagnostic & imaging tests, in July 2016. Later in December of same year, 1mg entered the space of super speciality consultations, corporate health services and insurance partnerships by acquiring MediAngels.

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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