Mumbai: Wellbeing Nutrition, an omnichannel whole foods nutrition company, has raised $2.2 million in its Series A funding round led by Fireside Ventures. ACG, a global provider of integrated solutions for the pharmaceutical and nutraceutical industry, also participated in the fundraise.
The startup will use the funds to strengthen R&D and create the next generation of nutraceuticals, to launch new products, acquire talent, and create better awareness and reach, according to a statement.
Founded in 2019 by serial entrepreneur Avnish Chhabria, Wellbeing Nutrition aims to provide organic, non-genetically modified vitamins and minerals that are not chemically synthesised. “Nutraceutical and dietary supplements space witnessed unprecedented growth post the pandemic. We saw an increase in demand for our innovative and carefully designed research-driven products,” Chhabria said.
The nutrition/nutraceuticals market has registered a Compounded Annual Growth Rate of around 50% with the added impetus coming from the Covid-19 pandemic, which made consumers become exceedingly cautious about their health.
Wellbeing is a research-based wholefood nutrition company that uses plant-based ingredients to deliver wellness. “The products use research-driven formulations in innovative delivery formats that are proven to be more bioavailable, effective, and fast-acting compared to traditional formats like tablets and capsules,” the company said. It has grown 40% month on month in the last 12 months with a strong retail presence of more than 600 stores in India. It also sells in markets such as the UAE, UK, Germany, and the US.
“Healthy India is a big consumer theme and today’s consumers want to invest in their everyday wellness. The nutritional supplements space is attracting a lot of interest from millennial consumers who are making considered choices on what they eat and how they look after their physical and mental health,” said Kannan Sitaram, Venture Partner at Fireside Ventures.
“As the pandemic has brought newer and elevated opportunities for the nutraceutical industry, we are excited about the opportunity,” said Karan Singh, managing director of ACG.