1 min read.Updated: 23 Jun 2021, 01:13 PM ISTLivemint
The two-year old startup was founded by Avnish Chhabria, who wanted to provide organic, non-genetically modified vitamins and minerals that are not chemically synthesised
BENGALURU: Wellbeing Nutrition, a whole-food nutrition company that uses plant-based ingredients to deliver wellness to individuals, has raised $2.2 million in a Series A round led by Fireside Ventures.
ACG, an integrated solutions provider for pharmaceutical and nutraceutical industries, also participated in the round.
The company said it will use the funds to strengthen research and development and create the next generation of nutraceuticals or nutrition which will rely on advanced nano technology, delayed release technology and sustainability to launch products, acquire talent, and create better reach.
Kannan Sitaram, Venture Partner at Fireside Ventures, will join the company’s board.
The two-year old startup was founded by Avnish Chhabria, who wanted to provide organic, non-genetically modified vitamins and minerals that are not chemically synthesized.
The nutrition market has shown strong growth that accelerated due to the pandemic. Customers have become exceedingly cautious about their health and there is heightened consciousness of the need for clean, plant-based supplementation, the company said.
Wellbeing has retail presence across 600 stores in India while also opening up a large export opportunity with sales to markets like United Arab Emirates, the UK, Germany and the US.
Sitaram of Fireside Ventures said, “...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 and 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..."
MGB Advisors acted as exclusive advisor to Wellbeing Nutrition on the fund-raise.
“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 Avnish Chhabria, founder, Wellbeing Nutrition.
Karan Singh, MD, ACG said, “We are excited about this partnership, as the pandemic has brought newer and elevated opportunities for the Nutraceutical industry...By investing in and collaborating with start-ups that have the potential to make a difference in people’s lives, ACG is committed to playing its part in helping make the world a healthier place."
In September 2020, Wellbeing Nutrition had raised a $400,000 angel round.
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