Sports nutrition brand Fast&Up has attracted interest from venture capital firms Venturi Partners and Elev8 Venture Partners for its ongoing $70 million fundraise, two people familiar with the matter said.
The proposed $70 million round highlights rising investor appetite for preventive nutrition brands as India’s wellness market scales rapidly. With deal activity accelerating across supplements and nutraceuticals, Fast&Up is positioning itself to capture growing demand for protein, hydration and clean-label products.
The company has appointed Avendus Capital as its advisor, and the process has now entered the final round of bids.
“The company had mandated Avendus as an advisor to help with the process. As a part of the outreach, several investment firms were tapped and the process is now down to the last round of bids,” one of the people cited above said.
“If goes as planned, it could be a combination of the two investors putting in money with Venturi likely to invest a larger check size,” the person added.
Fast&Up, Venturi and Avendus declined to comment, while Elev8 did not respond to Mint’s queries until the time of publication.
Wellness wave
The potential deal underscores growing investor interest in sports and preventive nutrition, as consumers increasingly prioritize health and fitness.
“The space is increasingly attracting interest from private equity and venture capital players as consumers place more focus on health and nutrition,” the second person said.
In November, Mint first reported on Fast&Up’s plans to raise primary capital to accelerate growth, launch new product lines and expand distribution.
Last week, USV Private Ltd acquired around 79% stake in nutraceutical firm Wellbeing Nutrition in an all-cash deal valuing the company at ₹1,583 crore. Separately, Hindustan Unilever Ltd (HUL) said it will acquire the remaining 49% stake in Oziva for ₹824 crore.
Other recent transactions include Kapiva’s $60 million fundraise led by 360 ONE Asset and Vertex Growth in September, while Healthkart raised $153 million in a largely secondary round led by ChrysCapital and Motilal Oswal Alternates last year.
Category expansion
India’s health and wellness market reached $156 billion last year and is projected to grow to $256.9 billion over the next eight years, according to research firm IMARC Group.
Brands such as Plix, Nutrabay and HyugaLife have also been expanding aggressively, riding rising demand for protein supplements, hydration products and clean-label formulations.
Fast&Up’s latest development comes nearly four years after the company raised an undisclosed amount from actor Varun Dhawan in 2022, following a $22 million (around ₹165 crore) Series C round led by Morgan Stanley Private Equity Asia earlier that year.
Its other backers include Rare Enterprises (founded by Rakesh Jhunjhunwala), Kotak Securities and Sixth Sense Ventures.
Business snapshot
Founded in 2015 by Vijayaraghavan Venugopal and Varun Khanna, Fast&Up began with multivitamin and sports nutrition supplements.
Its parent company, Fullife Healthcare Pvt. Ltd, has European origins. Fullife owns Aeronutrix Sports Products Pvt Ltd, under which Fast&Up operates. The group also runs Chicnutrix, a women-focused health and wellness brand.
Fast&Up operates across weight management, plant protein, whey protein, hydration & energy, sports nutrition and daily nutrition categories. It has more than 100 products available in over 35 countries, according to its website.
The brand distributes through online platforms, including quick commerce channels, and offline retail via partners such as Reliance Retail and DMart, along with regional distributors.
In FY24, Fullife reported revenue of ₹188 crore, up from ₹171 crore a year earlier. Losses narrowed to ₹30 crore from ₹49 crore in FY23, according to an Entrackr report.