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Healthcare is going to fundamentally transform in years to come. Technology advancements are at the helm of such change. The new found awareness via technology is also leading people to approach healthcare through preventive and fitness lens. These trends are permanent and will only exponentially manifest themselves in years to come. India’s healthcare industry at present is worth a staggering 81.3 billion USD.
HealthKart is a healthcare startup that offers fitness products, services and community to help consumers achieve their fitness goals. HealthKart was founded in March 2011 by 2 IIT graduates who have significant experience in healthcare and technology domains, both in India and US.
HealthKart - Company Highlights
| Startup Name | HealthKart |
|---|---|
| Parent Company | Bright Lifecare Pvt. Ltd. |
| Headquarters | Gurugram, Haryana, India |
| Industry | healthcare, fitness |
| Founded | 2011 |
| Founders | Prashant Tandon and Sameer Maheshwari |
| CEO | Prashant Tandon |
| Area Served | India |
| Website | www.healthkart.com |
HealthKart - About and How it Works?
HealthKart - Logo and its Meaning
HealthKart - Founder and History
HealthKart - Mission
HealthKart - Business Model
HealthKart - Team
HealthKart - Revenue and Growth
HealthKart - Funding and Investors
HealthKart - Acquisitions
HealthKart - Competitors
HealthKart - Challenges Faced
HealthKart - Future Plans
HealthKart - FAQs
HealthKart - About and How it Works?
HealthKart is an online health and fitness store for men and women, which offers fitness products, services and community to help consumers achieve their fitness goals. The Company sells authentic health supplements, fitness equipment, weight loss products, protein supplements, sports gear and wellness products.
HealthKart offers comprehensive range of high quality supplements such as proteins, vitamins, minerals etc., sourced from across the world. These supplements are used for athletic performance, fitness and wellness. HealthKart delivers these products through a combination of online portal and 30+ retail stores. The company also offers assistance to its customers in product selection and diet planning through trained nutritionists.
HealthKart has served over 1.5mm customers, and delivers 80,000+ products to 500+ cities in any given month. HealthKart also own MuscleBlaze, one of India’s largest sports nutrition brands. HealthKart company provides a wide range of protein supplements, weight loss products, gym memberships, personal trainers, and many more, enabling customers to access all fitness products at one platform.
HealthKart - Logo and its Meaning
HealthKart's logo has "HK" highlighted in the middle (H stands for Health and K stands for Kart).
HealthKart - Founder and History
HealthKart, a part of Bright Lifecare Pvt. Ltd. is an online portal for Dietary supplements and health devices in the Health care industry in India. Prashant Tandon and Sameer Maheshwari founded the company in 2011.
“I think both of us were very much aligned in our thought processes. We wanted to do something of our own. We wanted to come back to India. We were working out of the same building in the US and used to exchange a lot of ideas. Finally, healthcare technology seemed like a great fit. We had compatible skills, non-overlapping skills. We were a good team and everything was right about coming back to India,” said Tandon.
Founded in March 2011, HealthKart was formed on the grounds of giving simple, effective solutions to health enthusiasts. Today, HealthKart offers India’s largest range of genuine health products across categories and all major brands. HealthKart.com is an online portal where people can find, compare and buy health products.
Prashant always wanted to do something in the Healthcare industry. As he noticed that Health sector was known to be one of the most unorganized sectors and availing good quality health products was an extreme pain-point in India. He got in touch with Sameer Maheshwari and shared the idea with him. Then they get together and started Bright Lifecare Pvt. Ltd., HealthKart's parent company.
A degree from Stanford or Harvard Business School would automatically win anybody tickets to a lucrative job. And it was no different for Sameer Maheshwari and Prashant Tandon. While the former is a Harvard graduate, the latter got his degree from Stanford. In fact, Maheshwari and Tandon quit their jobs to start, Healthkart.com, a one stop online shop for healthcare needs. They worked with doctors and health institutions before launching a consumer-facing unit.
"Before starting the portal, we tried our hand in different sub-sectors within healthcare,” recollects Tandon.
From venturing into public healthcare to offering practice management software for independent physicians and small clinics, the duo tried two to three different business models.
HealthKart - Mission
HealthKart's mission statement says, "We Understand Your Needs. Our mission is to deliver a premium-quality and affordable product range that covers the entire spectrum of all body types."
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HealthKart - Business Model
From venturing into public healthcare to offering practice management software for independent physicians and small clinics, the founders tried two to three different business models.
But the two also realized that they wanted to be in the consumer space, so after gaining enough experience and understanding of how the healthcare industry works, they started HealthKart for direct retail of healthcare products to consumers.
HealthKart, in a nutshell, is an e-commerce store that aims to be a one-stop shop for all the health and fitness related products. They follow a traditional retail model, wherein, they stock most of the items that a consumer sees on display, and one can place their orders online. HealthKart manages their logistics through third-party vendors like Blue Dart, Shadowfax, DTDC, AFL, FedEx and India Post, and many others.
HealthKart - Team
- Prasoon Ranjan - Sr. Vice President (Operations)
- Akhil Gupta - VP New Initiatives
- Monica Mudgal - Senior Vice-President Human Resources
- Manish Mangotra - Vice President
- Sunny Gupta - Assistant Vice President, Modern Trade
- Ajay Tiwari - Head Of Technology
HealthKart - Revenue and Growth
- HealthKart's estimated annual revenue is currently $90.8M per year.
- HealthKart's estimated revenue per employee is $145,000
HealthKart has grown from a humble team of 4 in March 2011 to strength of 100+, heading towards the cherished goal of becoming India’s e-health mega store. Focusing on consumer healthcare products, HealthKart presently sells over 10,000 fitness, health and personal care products across different categories. Shipping all over India everyday, the venture's estimated annual revenue is currently $90.8M per year.
Healthkart revenue rose to Rs 369.3 crore in the financial year ended March 2020, from Rs 209.1 crore.
HealthKart - Funding and Investors
HealthKart has raised a total of $61M in funding over 4 rounds. Their latest funding was raised on May 9, 2019 from a Series G round. HealthKart is funded by 8 investors. Sequoia Capital India and Sofina are the most recent investors.
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| May 9, 2019 | Series G | $25M | Sofina |
| Oct 24, 2018 | Venture Round | $10M | Sequoia Capital India |
| Aug 1, 2016 | Series E | $12M | Sequoia Capital India |
| Jun 7, 2013 | Series B | $14M | Intel Capital |
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HealthKart - Acquisitions
In 2012, HealthKart acquired the online fitness and bodybuilding community and supplement store to expand into Fitness, Weight gain, Weight loss, etc. named MadeInHealth.
In 2015 , the company acquired the online homeopathic drug marketplace for an undisclosed amount and has rebranded it to as 1mgAyush.
HealthKart - Competitors
HealthKart's top competitors include Gaia Herbs, Best Priced Products, 1mg, Hello Cake and ROAM Fitness.
HealthKart - Challenges Faced
Sameer Maheshwari, Founder and CEO of HealthKart takes the core responsibility to drive the mission of providing affordable preventive care solution to people in an economically viable fashion.
HealthKart was started two years ago, the idea was to identify underneath the need of people wanting authentic products in healthcare industry across the country. So, even though there were quite a few pharmacies in the market, but the organized market is literally 2-3 percent and authenticity of fake products is a big problem in health sector. But, HealthKart basically leveraged the channel of e-commerce which is developing very fast, to shift the authentic branded products to pass over the country as they no proper access to it.
As the idea came from the fact that healthcare delivery, which is the backbone of wellness of any country, was highly unorganized (95%+) back in 2009, and there was an opportunity to bring about organization and quality to the sector via growth of internet penetration / eCommerce.
The initial phase was challenging as they struggled to build a good team and find investors. In healthcare, the big problem is authenticity of the products. There is a lot of fake, counterfeit products in the market. They overcome this by doing a lot of quality check in terms of making sure that the products are authentic.
In addition to that, there is a huge knowledge gap in healthcare. People don’t know what to buy. They have a very advanced call centre to provide a lot of support to customers in terms of understanding what product is a right fit for them.
Mission at the outset was to make available the largest range of quality medical products to consumers across the country, by setting up the largest online pharmacy platform. Along the way, realizing another large opportunity in fast growing preventive care segment, they spun out online pharmacy into 1MG and focused HealthKart on preventive care.
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HealthKart - Future Plans
" Chasing unviable business models because of macro funding environment, and not pursuing long term value creation driven by your fundamental “self belief” is the biggest mistake occurs. This could not only derail the entrepreneur, but may also lead to significant loss of time, which is the most precious entity in the world we live in, " said Tandon.
A spokesperson for the company said that it would use the funds to further expand its store network, and plans to use data science and artificial intelligence (AI) to improve its customer-facing offerings.
The company has set up a 30 member R&D team, including food scientists and pharmacists, and it’s developing next-gen nutraceuticals or consumable nutrition products built for the Indian market. The company also revealed it is in talks to set up a manufacturing plant, for quicker product development, tighter control on manufacturing and fostering innovative nutrition products.
HealthKart - FAQs
When was HealthKart founded?
Prashant Tandon and Sameer Maheshwari founded the company in 2011.
Who founded HealthKart?
Prashant Tandon and Sameer Maheshwari founded the company in 2011.
Is MuscleBlaze owned by HealthKart?
Yes, MuscleBlaze is owned by HealthKart.
How does HealthKart make money?
HealthKart follows a traditional retail model, wherein, they stock most of the items that a consumer sees on display, and one can place their orders online.
Author: Sarika Anand
Source : https://startuptalky.com/healthkart-success-story/
Date : 2021-04-05T02:55:00.000Z