Gurgaon-based start-up Bright Lifecare Pvt Ltd, which runs the online health store Healthkart.com is about to close a Series B funding round of upto $14 Mn (sources) lead by Intel Capital and Sequoia as a co-investor. Intel Capital is supposed to put $7-$8 Mn in the round.
Healthkart was looking to raise funds since the last one year and faced several concerns related to market size of healthcare segment as well as valuation.
Healthkart started in March 2011 with seed round of $1 Mn with Kae Capital & Sequoia. In series A, Sequoia got Omidyar Networks to put together $5.2 Mn (Jan 2012). Currently Healthkart’s monthly revenues are about $1 Mn per month thus clocking an annual runrate of $12 Mn. According to sources pre-money valuation for the round is about 2.5x of the current run rate. The company also acquired MadeInHealth in May 2012. It launched search engine for prescribed drugs ‘Healthkartplus’ in Sept 2012 and has recently started selling prescription drugs through it.
Healthkart sells products across fitness, health and personal care categories such as nutrition, diabetes, home devices, eye and personal care. It was founded by IIT Delhi alumni Prashant Tandon and Sameer Maheshwari.
With the closure of this round of funding, Healthkart will join Valyoo Technologies and Shopclues who have been able to raise fresh funds in recent times when funding environment for e-commerce companies particularly beyond Series A has become really challenging.