BENGALURU: Wellbeing Nutrition, a whole food nutrition company that uses herbal ingredients to provide wellbeing to individuals, raised $ 2.2 million in a Series A round led by Fireside Ventures.
ACG, a provider of integrated solutions for the pharmaceutical and nutraceutical industries, also participated in the round.
The company said it will use the funds to boost research and development and develop the next generation of nutraceuticals or nutritional supplements that rely on advanced nanotechnology, sustained release technology and sustainability to bring products to market, attract talent and to achieve a better range.
Kannan Sitaram, Venture Partner at Fireside Ventures, will join the company’s board of directors.
The two-year-old startup was founded by Avnish Chhabria, who wanted to offer organic, non-genetically modified vitamins and minerals that are not chemically synthesized.
The nutrition market has shown strong growth that has accelerated due to the pandemic. Customers have become extremely cautious about their health and awareness of the need for a clean, herbal supplement has been raised, the company said.
Wellbeing has a retail presence in 600 stores in India while also opening up a large export opportunity with sales to markets such as the United Arab Emirates, UK, Germany and the US.
Sitaram of Fireside Ventures said, “… Dietary supplements are of great interest to millennials who make informed choices about what to eat and how to look after their physical and mental health, and we at Fireside believe Avnish and his Wellbeing Nutrition team created a brand that will be a leader in this field … “
MGB Advisors acted as the exclusive advisor to Wellbeing Nutrition for the fundraiser.
“The market for nutritional supplements and nutritional supplements has seen unprecedented growth after the pandemic. We saw an increasing demand for our innovative and carefully designed, research-oriented products. As we move into the next phase of growth and innovation, we look forward to benefiting from the family tree, shared experience and resources of Fireside and ACG to help us scale, “said Avnish Chhabria, Founder of Wellbeing Nutrition.
Karan Singh, MD, ACG said, “We are excited about this partnership as the pandemic has opened up new and expanded opportunities for the nutraceutical industry … by investing in and working with startups that have the potential to make a difference in life of the people, ACG is committed to doing its part to make the world a healthier place. “
In September 2020, Wellbeing Nutrition raised a $ 400,000 angel round.
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