SUMMARY
Founded in 2020, Fitspire addresses contemporary lifestyle concerns and offer healthy nutrition supplements
The D2C brand will use the funds for enhancing the health and personal care ecosystem, expand its market presence in Tier II and Tier III cities
Fitspire claims to have 1 Mn customers and a network of 10,000 fitness influencers
Bollywood singer Sukhbir Singh has invested an undisclosed amount in the Pre-Series A funding round of the vegan healthcare and personal care product startup Fitspire.
The round also saw participation from Ashish Chand and Sohil Chand (LC Nueva), Ivor Braganza (Next5 Ventures Oman), Dheeraj Jain (Redcliffe London), the Family Office of Jaipurias (represented by Ruchirans Jaipuria and Anuraag Jaipuria) and existing investor Amit Singhal also participated in the round.
Founded in 2020 by Vipen Jain, Delhi-based Fitspire addresses contemporary lifestyle concerns and offers healthy nutrition supplements. It claims to have over 1 Mn customers, with a network of 10,000 fitness influencers. Previously, it had raised $1 Mn in seed and bridge rounds.
The startup has set a revenue target of INR 300 Cr within the next three years as it marked a sales increase by ten times each year.
The startup will use the funds to enhance the Health and Personal Care (HPC) ecosystem, expand its geographic reach in India and around the world, introduce additional products and establish new revenue streams.
After the pandemic, Indian customers have shown a heightened interest in choosing fitness and health supplements. This surge has led to substantial investor attention towards startups in this sector.
Earlier this year, HealthifyMe bagged $30 Mn in its pre-Series D funding round led by LeapFrog Investments and Khosla Ventures. In July, FMCG major Marico said that it is going to acquire a majority stake (58%) in D2C nutrition brand Plix for INR 369.01 Cr.
Last year, Wellbeing Nutrition raised $10 Mn in its Series B funding round led by Hindustan Unilever Limited and Fireside Ventures.
According to Fitspire, the market is valued at a staggering $140 Bn, while the nutraceuticals segment alone is valued at $39 Bn. Both segments are projected to grow at a compounded annual growth rate (CAGR) of 18%.
