Nutrition supplements player Fullife Healthcare has raised its Series C funding of $22 Mn from Morgan Stanley Private Equity Asia (MSPEA) to accelerate the growth of its flagship D2C brands Fast&Up and Chicnutrix.
The funding will help Fullife expand domestic presence, enhance manufacturing capabilities and accelerate momentum globally for both brands.
Speaking on the fundraise, Varun Khanna, CEO of Fullife Healthcare said, “We are building these brands at an international level even in several regulated markets as a first for Indian OTC brands. With our brands being available in multiple countries, we are excited about the story we are building and are grateful for the trust that MSPEA has put in us.”
Fast&Up manufactures products for active living, including nutrition and immunity, across segments, while Chicnutrix is all-women wellness, beauty and nutrition brand.
Founded by Varun Khanna in 2011, Fullife had raised $6.6 Mn (INR 50 Cr) from Amansa Capital’s Akash Prakash and existing investors Rakesh Jhunjhunwala and Sixth Sense Ventures last year.
In 2018, it had raised $2 Mn from Six Sense Venture, and prior to that, Jhunjhunwala had invested $3.3 Mn to $3.9 Mn (INR 25 Cr to INR 30 Cr) in Fullife’s seed round.
Startups in the nutraceuticals and health F&B space include OZiva, Wellbeing Nutrition, Aquatein, True Elements, Supply6, Trunativ, Auric, The Whole Truth, Zinga Vita, Kapiva, LQI, The Health Company, Shunya, Akiva and DotShots.
Recently, Bollywood actor Malaika Arora invested in D2C ayurvedic nutrition brand Kapiva and joined the brand as a brand ambassador.
In October, fashion ecommerce unicorn Nykaa acquired Kolkata-based Dot & Key to foray into the nutraceutical business.
The nutraceutical market has been growing at a rapid pace amid the pandemic. The nutraceuticals market In India stood at $4 Bn in 2017, and it is expected to grow at a CAGR of 35% to reach $18 Bn by 2026, according to a report by ASSOCHAM.
The market opportunity can be gauged from the fact that India is projected to have an addressable base of 120 Mn health-conscious individuals by next year, with nearly half of these coming from outside the metros and Tier 1 cities.