MuscleBlaze maker is planning ₹2,800-3,800cr IPO in India
What's the story
HealthKart, a leading brand in fitness supplements, is mulling an initial public offering (IPO) to raise between $300 million and $400 million (₹2,800-3,800 crore), as per Mint. The company has already started preliminary talks with stakeholders and intermediaries to kick off the process. If all goes according to plan and market conditions remain favorable, HealthKart hopes to go public by the end of next year.
Strategy
IPO strategy and market trends
HealthKart's IPO strategy is likely to include a combination of primary capital raise and secondary share sales by existing investors.
This comes at a time when Indian tech and consumer businesses are witnessing an uptick in listing activity.
Public-market investors are now focusing more on unit economics, operating discipline, and revenue growth while making their investment decisions.
Market landscape
Nutrition market in India and competition
The nutrition and supplements market in India is witnessing a surge, thanks to increasing health awareness and wider online access.
HealthKart, which was founded in 2011 by Sameer Maheshwari, is one of the biggest players in this segment.
However, it faces stiff competition from other brands such as Nutrabay, Hyugalife, and HealthyHey.
Business growth
HealthKart's digital-first brands and funding history
HealthKart operates digital-first brands like MuscleBlaze, HK Vitals, and Gritzo across proteins, dietary supplements and kids nutrition.
The company has more than 200 offline stores in over 90 cities.
In 2024, it raised $153 million in a secondary funding round led by ChrysCapital and Motilal Oswal Alternates.
Other participants included Neo Group and existing investor A91 Partners at a valuation of about $500 million.
Financial growth
Financial performance and future growth prospects
Bright Lifecare Private Limited, which operates the Healthkart brand, reported an operating income of ₹1,312.61 crore in FY25, up from ₹1,021.03 crore a year earlier.
Its profits also widened to ₹119.98 crore from ₹36.66 crore in FY24.
The company's strong financial performance bodes well for its potential IPO and future growth plans in the booming nutrition market of India.