HealthKart weighs $300–400M IPO as nutrition retail business scales
The MuscleBlaze, HK Vitals and Gritzo operator is reportedly considering an IPO comprising fresh capital and secondary sales. HealthKart operates 200-plus stores across 90-plus cities and reported FY25 operating income of ₹1,312.61 crore and profit of ₹119.98 crore.
What happened
Indian nutrition retailer HealthKart is weighing a $300-400 million IPO, combining primary fundraising and secondary sales. The MuscleBlaze, HK Vitals and
Key facts
- $300-400 million proposed IPO size
- ₹2,800-3,800 crore proposed IPO size
- Over 200 offline stores across more than 90 cities
- FY25 operating income: ₹1,312.61 crore
- FY25 profit: ₹119.98 crore
What changed
Indian nutrition retailer HealthKart is weighing a $300-400 million IPO, combining primary fundraising and secondary sales. The MuscleBlaze, HK Vitals and Gritzo operator has over 200 stores, improved FY25 profitability and is targeting a listing by end-2027.
What to watch
- Draft prospectus filing, named bankers, proposed issue size and fresh-versus-OFS mix.
- Same-store sales growth, store-level payback periods and new-store rollout pace.
- Revenue mix between owned brands, third-party brands, online channels and physical stores.
- Gross-margin and EBITDA-margin trends, especially amid promotional intensity and customer-acquisition spending.
- Inventory turns, working-capital needs and any rise in discounting or returns.