Wellbeing Nutrition, an organic plant-based nutrition startup, has raised $2.2 million in a Series A round led by venture capital firm Fireside Ventures. ACG an integrated pharmaceutical supplier also participated in the round.
On the fundraise, Avnish Chhabria Founder of Wellbeing Nutrition said that Nutraceutical and dietary supplements space has witnessed unprecedented growth post the pandemic.“Nutraceutical and dietary supplements space has witnessed unprecedented growth post the pandemic. We saw an increase in demand for our innovative and carefully designed research-driven products. As we enter the next phase of growth and innovation, we look forward to benefitting from Fireside and ACG’s pedigree, collective experience, and resources in helping us scale,” said Chhabria.
Kannan Sitaram, Venture Partner at Fireside Ventures will join the Wellbeing Nutrition’s board. The startup will use the funds to strengthen R&D and technology, launch new products, acquire talent, and create better awareness and reach.“We at Fireside believe that Avnish and his team at Wellbeing Nutrition are creating a brand that will be one of the leaders in this area. We value their focus on product innovation using high quality, organic ingredients which will drive rapid growth as consumers take their wellness into their own hands,” said Kannan Sitaram, Venture Partner at Fireside Ventures.
Founded in 2019, Wellbeing Nutrition was launched to provide organic, non-genetically modified, vitamins and minerals that were not chemically synthesised. It is currently present across 600 offline stores in India.
The venture claims it has grown 40 percent month on month and has expanded sales to markets like UAE, UK, Germany, and the US. The brand is available on marketplaces including Amazon and also has a strong D2C channel.
Earlier this month, the startup raised an undisclosed amount of funding from Revenue Based Financing platform, Klub and in September 2020, it raised a $4,00,000 angel round.
First Published: IST