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Indian Startup HealthKart Raises $153 Million To Expand Platform
- Written by Andrea Miliani Former Tech News Expert
In a Rush? Here are the Quick Facts!
- The health and fitness platform HealthKart recently raised $153 million in a funding round
- The Startup’s last valuation was at $350 million and it has now reached a $500 million valuation
- The supplement and health products sales have significantly increased
The Indian startup HealthKart, a health and fitness platform, raised $153 million in a recent round and reached a $500 million valuation.
According to TechCrunch , the funding round was led by Motilal Oswal and ChrysCapital, and Avendus Capital as a financial advisor, two sources close to the case confirmed the deal.
HealthKart also announced an Employee Stock Ownership Plan (ESOP) plan, offering its employees to buy back shares for the first time.
“We welcome ChrysCapital and Motilal Oswal to HealthKart and hope to leverage their expertise during the next phase of growth. Very excited about our first ESOP buyback program which will create meaningful value for people who have played a critical role in building HealthKart,” said Sameer Maheshwari, CEO and co-founder of HealthKart according to Business Standard.
HealthKart was valued at $350 in 2022 and reported a year revenue of $118.5 million in March. The company’s sales of health accessories and supplements have been on the rise and is currently India’s top nutrition platform.
“The Indian sports nutrition market, currently underpenetrated, is expected to expand due to a rise in fitness awareness and the increasing importance of nutrition and protein,” said Arpit Vinayak, VP at ChrysCapital, in a statement.
The Gurugram-based startup was founded in 2011, by Prashant Tandon and Sameer Maheshwari and now offers a wide range of products from vitamins and proteins to training tools and machines, and also has its own in-house brands, HKVitals and MuscleBlaze. HealthKart has more than 200 stores across 90 cities, as reported by Mint .
Other startups in the healthcare industry have also been growing and expanding. The health fintech PayZen recently raised $232 Million in a series B round, and the UK startup Zoe raised $15 million in July to expand to the U.S.
Image by Henry Mühlpfordt, from Flickr
Nvidia Faces Overheating Problems With Blackwell AI Chips
- Written by Kiara Fabbri Former Tech News Writer
- Fact-Checked by Sarah Frazier Former Content Manager
Nvidia’s Blackwell AI chips face overheating issues in server racks, delaying deployments for major tech companies like Meta, Google, and Microsoft. These setbacks come amid rising AI demand and production delays.
In a Rush? Here are the Quick Facts!
- Overheating can decrease efficiency and increase costs for companies relying on these servers.
- Nvidia has asked suppliers to modify rack designs to resolve the issue.
- Nvidia’s Blackwell chips were launched in March, but shipment delays have impacted customers.
Nvidia’s Blackwell AI chips, which have already faced production delays, are now encountering overheating issues in server racks, raising concerns among customers about delays in setting up new data centers, according to a report by Reuters .
Experts warn that overheating can decrease efficiency and drive up operational costs for companies dependent on these servers.The issue emerges amid surging demand for AI capabilities, intensifying pressure on hardware providers like Nvidia, noted Ticker News .
The overheating occurs when the chips are connected in racks designed to hold up to 72 units. Sources familiar with the matter revealed that Nvidia has repeatedly requested suppliers to modify rack designs to address the problem, as reported by Reuters.
Reuters noted that neither the suppliers nor specific design changes were named in the report.
Wall Street Pit says that this issue has raised concerns among major tech companies like Meta Platforms, Google, and Microsoft, which depend on these chips to advance their AI data center capabilities. Deployment delays could lead to significant disruptions in their operational timelines.
A company spokesperson told Reuters,”Nvidia is working with leading cloud service providers as an integral part of our engineering team and process. The engineering iterations are normal and expected.”
Reuters notes that Nvidia unveiled the Blackwell chips in March, initially planning shipments for the second quarter before delays impacted major customers, including Meta Platforms, Google, and Microsoft.
The chips feature two silicon components combined into a single unit, offering speeds up to 30 times faster for tasks like chatbot responses compared to previous models, as noted by Reuters.
These setbacks come as Nvidia continues to dominate the AI chip market, despite challenges in meeting demand for its next-generation products, said Reuters. Ticker News argues that if unresolved, the overheating issues could affect Nvidia’s standing in the competitive market.
