India’s Bright Lifecare to raise $10 mln in fresh funding round

Bright Lifecare Pvt. Ltd, an Indian online health store HealthKart operator, is raising close to 73 crore rupees ($10 million) in a fresh funding round from new and existing investors.

Existing investor Sequoia India will lead the round, putting in nearly $6 million. IIFL Alternate Asset Advisors Ltd, part of Indian financial services to investment firm IIFL Holdings Ltd, is expected to come on board as the new investor.

Bright Lifecare’s other investors include U.S.-based venture capital firm Intel Capital and financial services firm Edelweiss, Indian consumer goods firm Marico and online travel company MakeMyTrip. The company is still in the process of finalising the construct for its current financing round.

In April 2016, Bright Lifecare had raised $12 million in a Series E round from Sequoia Capital, Kae Capital and U.S.-based peer Omidyar Network. The company had raised this sum to expand its business offline.