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Online organic products and wellness firm Joybynature said it is close to raising its second round of funding to the tune of $15-20 million (over ₹100 crore) from a series of investors.
The company, which had in June raised $1 million from Mumbai Angels, Contrarian Vriddhi Fund and Individual Angels, said it will be using the second tranche to build its private label, besides scaling both its domestic and international distributions.
“We will be scaling up our private label including a range under the Joybynature label. Currently, we ship our products to over 80 countries. We are looking to scale up the distribution to more countries and also in the domestic market,” Shailesh Mehta, CEO & Co-Founder Joybynature.com told BusinessLine .
Mehta founded the company in 2014 along with IITian Rahul Kumar.
He said that the company has been seeing good traction in the organic products category.
The company, which works on the marketplace model, says its platform sells over 10,000 stock keeping units.
The domestic organic market is expected to reach $173.3 million by 2017, according to a report by Marketresearch Inc.
“We are looking to take our SKUs to 20,000 in a year’s time. We are stringent on our quality checks and take vendors with proven track record only,” he added.
Mehta said the company also provides expert advice on well-being through live chats and detailed content on its platform. He added that the company is also scaling up its technology and logistics to meet customer demand.
“Wellness is going to be a major expenditure of the common man and the industry is expected to grow at an annual rate of almost 10 per cent through 2016,” he said, adding that the company has been seeing traction from its international client base.
Asked about the revenue, Mehta said the company grew its monthly revenue from ₹20 lakh per month to ₹2 crore per month.
“We are looking at a ₹100-crore revenue and plans to invest in enabling the fulfilment centres to handle more than 1,00,000 packets every month,” he said.
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