Can Setu Nutrition Build India’s Next INR 100 Cr Health & Supplements Brand?

After living in the United States for several years, Nihaal Mariwala was accustomed to a market that sold scientifically proven quality supplements. But, upon returning to India, he noticed a glaring gap in the health supplement category—most products lacked credibility and scientific validation. 

While the market was flooded with gimmicky health supplements, traditional beauty solutions only addressed surface-level concerns, leaving the root of the problems unattended. Overall, the health supplement market only made Indian buyers hesitant about their choices. 

To bridge this, Mariwala founded Setu Nutrition in 2020. The startup offers a range of research-backed health and beauty supplements. 

From skincare to ageing, Setu Nutrition aims to rule India’s growing dietary supplements industry with a range of products designed for the masses. With science-backed formulations, the startup provides a personalised customer experience in various categories such as beauty, sleep and weight management, and mental well-being. 

Inside Setu Nutrition’s Science-Backed Formulations

The global beauty ingestible market is experiencing significant growth, with its value projected to increase from $3.86 Bn in 2023 to $9.15 Bn by 2031, reflecting a compound annual growth rate (CAGR) of 11.53% during the forecast period of 2024-2031.

Setu Nutrition’s thesis is to redefine beauty and wellness supplement markets by addressing ‘ageing from within’ rather than just solving surface-level problems. 

The startup combines cutting-edge research with natural ingredients to target ageing at a cellular level. With a focus on ‘beauty from within’, Setu Nutrition offers its customers science-backed formulations that promote long-term health.

This surge is driven by a rising consumer inclination towards holistic beauty solutions that promote health from within. Products such as vitamins, minerals, collagen supplements, and co-enzymes are gaining popularity for their benefits to skin, hair, and weight management.

According to Mariwala, what sets the brand apart from its competitors is its focus on addressing the root cause of health concerns rather than providing temporary, quick-fix solutions. The brand aims to establish a new paradigm in the beauty and wellness industry that focuses on healthy ageing and the overall well-being of its customers.

Carving A Niche

Setu Nutrition has scaled its presence across major online marketplaces like Amazon, Nykaa, Flipkart, and Tira. In the last 18 months, the startup has been able to carve a niche for itself with its flagship product, Skin Renew, which is also a bestseller on Amazon. 

In the financial year 2023-24 (FY24), Setu Nutrition raked in INR 33.5 Cr in revenue, marking a 6X growth compared to FY23. So far, the company has raised INR 11.28 Cr in total funding from family offices.

With consistent efforts and leveraging expert recommendations, verified reviews, and detailed product pages, the company has been able to raise awareness about the importance of supplements, educating and engaging its consumers.

Doubling down on its efforts, Setu Nutrition has set its sights on closing FY25 with INR 40 Cr top line, up 19% year-on-year (YoY). With a 40-person strong team working on 6 SKUs and serving over 2.5 Lakh customers, Setu Nutrition’s long-term vision lies in launching a new line of products and achieving the INR 100 Cr revenue mark by 2026.

[Authored By Anirudh Trivedi]