Healthkart in talks to raise up to $30M in Series C funding

Gurgaon-based Bright Lifecare Pvt Ltd, the company behind the online health store and drug search marketplace, is in talks with multiple investors to raise up to $30 million (about Rs 180 crore) in its Series C round of funding, sources privy to the development told VCCircle. The firm will use the funds to open two offline stores in Delhi, revealed the sources.

When contacted, Prashant Tandon, co-founder and MD of Healthkart said, “We are in talks with investors for funding and are exploring if there is any interesting play.” However, he declined to disclose details.

Healthkart had earlier netted an undisclosed amount in Series B funding led by Intel Capital, with participation from existing investor Sequoia Capital. Previously, it had received Rs 27 crore in Series A funding from Sequoia and Omidyar Network. This was preceded by $1 million in seed funding from Kae Capital and Sequoia.

Founded in 2011 by Tandon and Sameer Maheshwari, Healthkart sells products in a broad range of categories such as fitness & nutrition supplements, sports nutrition, health devices, personal care, eye-care and parenting. It recently introduced fitness equipment and home appliances categories. It is also planning to add pet products to it.

Last month, Healthkart launched a fitness app ‘Fitup’ to tap into the protein supplement space. This app helps consumers in finding the right protein supplement. Additionally, it has added a drug interaction feature that allows users to find cheap substitutes for expensive medicines and intimates the user if there is a danger in consuming two drugs.

Currently, Healthkart has around 20,000 SKUs and it aims to increase this number to 30,000 by the end of this year.

As of now, Healthkart operates two offline stores in Bangalore.

Last December, the firm had appointed former Zynga general manager Gaurav Agarwal from as its CTO.

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