Mumbai, Sept. 18 -- HealthKart, a fitness supplement brand, is considering an initial public offering to raise as much as $300-400 million (about Rs.2800-3,800 crore), three people familiar with the matter said.

"The company has begun early discussions with stakeholders and intermediaries to kickstart the process," one of the people cited above said, adding that formal pitches are expected to happen over the next quarter. "It will likely be a mix of primary capital raise and a secondary share sale by some existing investors," the second person said.

If it goes as planned and market conditions sustain, HealthKart will aim to list on the exchanges by the end of next year. All the people spoke on the condition of anonymity as the discussio...