Healthkart raises $14 Mn in series B from Intel and Sequoia Capital

HealthKart, which sells consumer healthcare goods online appears to have raised $14 million in series B funding from Intel Capital and Sequoia Capital.
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health_thumb.jpgHealthKart, which sells consumer healthcare goods online appears to have raised $14 million in series B funding from Intel Capital and Sequoia Capital.

Including the new round of funds, the company has raised a total of $22.5 mn from venture capital firms.

According to NextBigWhat sources – Intel capital invested around $8 million and Sequoia as a co-investor put in rest of the money. Mohit Bhatnagar, Managing Director- Sequoia Capital, did not confirm or deny the investment when asked at a press conference.

Healthkart was launched in March 2011 with initial capital of $1 million from Kae Capital and Sequoia. The company had later raised $7.5 million from Omidyar Network and existing investors Sequoia Capital and Kae Capital.

The Gurgaon based company has also started selling prescription drugs through its its drug search engine HealthKartPlus by becoming a marketplace for sellers. The platform, which was launched back in September 2012 as a smartphone app as well as a site, was only functioning as a generic drug search portal till until recently. However, it has now become a marketplace that enables customers to search and purchase prescribed drugs.

Earlier in 2012, Healthkart acquired Madeinhealth – one of its competitors for an undisclosed amount.

Recent fund raising by ecommerce companies

This year has been good so far for ecommerce companies looking to raise follow on capital. While risk capital avoided me-too companies, differentiated ecommerce companies managed to raise funds.

This is the second series B round secured by ecommerce company in this month. Last week Gurgaon based managed marketplace- Shopclues raised $10 mn from Helion Venture Partners, Nexus Ventures and Netprice.com Chief Executive Officer Teruhide Sato.

In February 2013, Valyoo Technologies, the e-commerce company which runs LensKart, BagsKart, WatchKart and JewelKart, raised nearly $10 million from UTV founder Ronnie Screwvala’s Unilazer Ventures Limited and IDG Ventures India.

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