Between 2019 to 2021, the company witnessed a 201 per cent surge in revenues
Mumbai-based direct-to-consumer (D2C) start-up Wellbeing Nutrition raised $10 million in a Series B funding round led by Hindustan Unilever Limited (HUL) and Fireside Ventures.
Wellbeing Nutrition plans to utilise the capital to expand its product category, which currently includes Melts oral thin strips, Slow 2-in-1 capsules with beadlet in oil technology, Korean Marine Collagen peptides for beauty, Daily Fiber for digestion and Vegan Protein for fitness and everyday health.
Additionally, it is keen to hire senior management to strengthen its research and development team and augment its channel network.
Founded by Avnish Chhabria, Wellbeing Nutrition offers products related to daily wellness, sleep, headaches, gut health and skin care. Between 2019 to 2021, it witnessed a 201 per cent surge in revenues and expanded its operations in over 3,000 stores across the country, according to a Hindu Business Line report.
“Along with both these titans, we will further our mission to make clean nutrition accessible to consumers all over the world on the back of innovative products formulated using high-quality and globally-sourced natural ingredients. With the new funding, we aim to reach 100 million people over the next year by driving awareness through digital aggressively, as well as making use of HUL’s capabilities,” Chhabria said.
Talking about the investment round, Ritesh Tiwari, chief financial officer of HUL stated, “HUL has a successful track record of building categories through market development. We are excited to work with the founder of Wellbeing Nutrition to grow the businesses further by leveraging our complementary expertise and capabilities.”
Last week, HUL acquired a majority stake in the D2C nutrition brand OZiva through a strategic investment deal, a Mumbai-headquartered company taht makes similar plant-based products like Wellbeing Nutrition. This marks the FMCG conglomerate's foray into the health and wellness sector, which is expected to touch Rs 30,000 market size within the next five years.
Amid the fund crunch in the ecosystem, D2C start-ups in India have raised $543 million in this financial year (FY), which is higher than the previous one, a Tracxn report pointed out.