Healthkart has acquired Madeinhealth for an undisclosed amount. Madeinhealth.com was founded in early 2011 by Maniraj Singh Juneja, who graduated with a B.Tech. degree from IIT Delhi and an M.S. degree from MIT, USA; and Jatin Modi, a B.E. from Mumbai University who has been an entrepreneur since the age of 19.
Madeinhealth.com is among India’s largest health nutrition e-store and began by selling authentic health and sports nutrition online, delivering to all parts of India. The market was extremely fragmented and unorganized and the online store gained traction very quickly.
“Healthkart, founded by IIT alumni Prashant Tandon and Sameer Maheshwari, will now gain access to an online community of over one lakh fitness enthusiasts and bodybuilders through this acquisition.It is a good strategic fit, said Sameer Maheshwari, co-founder of Healthkart.com. In January,the company had raised $7.5 million from Omidyar Network and existing investors Sequoia Capital and Kae Capital. As the e-commerce sector sees huge growth with nearly 100 million Indians online now, increased consolidation is expected. Healthkart’s co-founder Prashant Tandon estimates this newest acquisition will help the company tap into the $1 billion sports-nutrition market in India.” [PR]