Consumer healthcare company Onelife Nutriscience has raised funding from Wipro Consumer Care – Ventures, the venture capital arm of Wipro Consumer Care & Lighting.
Onelife develops products in the nutraceutical segment centred around physical fitness, immunity and mental wellbeing. The company was founded in 2019 by Gaurav Aggarwal, who has over 20 years of experience in the nutrition Industry.
The amount of the recent funding round hasn’t been disclosed. Onelife had last raised funds worth INR 5 Cr for its seed round in November 2019 from a group of high net worth individuals (HNIs) from the pharma, healthcare and chemicals industries.
“The nutraceuticals industry is looking at growing exponentially, and we are excited to increase our market presence through innovative products,” said Aggarwal about the funding round.
After its last fundraise, Onelife had said that it would focus on strengthening its product range, expand geographies, increase online and offline presence, invest in marketing and brand building, and hire talent. The company claims to have more than 70 scientifically researched products across wellness, sports nutrition, FMCG, organic, superfoods and beauty categories.
In the nutritional supplements space, Onelife competes with HealthKart, GNC’s Guardian Healthcare, Mosaic Wellness, Possible (formerly known as Truweight Wellness) and Wellversed among several other D2C brands that have emerged in the past couple of years. Last month, Possible raised INR 5 Cr ($683K) from Bollywood actor Aishwarya Rai Bachchan as a part of a larger funding round of INR 15 Cr ($2 Mn).
According to a RedSeer report, there were about 90 Mn health-conscious individuals (HCI) in India in 2018, and the number is expected to grow by 1.4x to reach 130 Mn by 2022. But with the pandemic, the customers in India are tilting more towards healthy diets and building their immunity. As a result, the preventive healthcare market is set to boom in the wake of the pandemic.
According to an Inc42 Plus report titled, India’s Healthtech Landscape In A Post-Covid-19 World, the Indian healthcare market is expected to grow 4x, from $144 Bn in 2019 to $638 Bn by 2025. The preventive healthcare category, which includes startups involved in the sale of health foods and supplements, is expected to grow at a compound annual growth rate (CAGR) of 13% between 2020-25 and is expected to reach a market size of $170 Bn by 2024.