Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast & Up, has secured Rs 50 crore ($6.6 million) as fresh capital from a mix of existing and new investors.
Existing investors Rakesh Jhunjhunwala and consumer-focused venture capital firm Sixth Sense Ventures also participated in this round, Fullife Healthcare company said in a statement.
Akash Prakash, the founder of Singapore-based Amansa Capital, came on board as a new investor.
The Mumbai-based company will use the funds for expanding to new markets including the USA and Europe and introducing new product lines.
“Nutraceuticals is a sector, which as-a-whole, has immense scope and Fast&Up has an impressive track record of proven success via their unique business model,” Prakash said.
Fullife was launched in 2009 by Satish Khanna, the former group president of drugmaker Lupin.
The company, which sells its products across 20 countries, has an omnichannel presence. Some of its flagship products are Fast&Up Charge (Vitamin C immunity booster) and Fast&Up Reload (electrolytes).
Earlier in June 2018, Sixth Sense had picked up 10% stake Fullife Healthcare by investing around Rs 10-15 crore.
The company had posted net sales of Rs 50 crore during the fiscal year 2018-19 as against Rs 46 crore a year before, as per VCCEdge, the data research arm of Mosaic Digital.
The broader health and wellness category, especially nutrition space has seen few transactions in the recent past.
Earlier in the day, early-stage venture capital firm Matrix Partners India has led a Series A round of funding in plant-based nutrition brand OZiva.
Early this month, Axys Nutrition Products Pvt. Ltd, which makes nutrition and nutraceutical products under the brand name Nutrova, raised funding from early-stage VC firm DSG Consumer Partners.
Aesthetic Nutrition Pvt. Ltd, which markets and sells chewable dietary supplements under the Power Gummies brand name, had raised an undisclosed sum from startup incubator and accelerator Venture Catalyst in April this year. The company is also backed by DSG Consumer Partners.