Nutraceutical company, Wellbeing Nutrition, has raised $10 million in a Series B round led by Hindustan Unilever Ltd (HUL) and Fireside Ventures.
It offers a range of nutraceuticals, organic and non-genetically modified vitamins, and minerals such as melts (Oral Thin Strips), slow (slow-release 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.
With the latest round, it plans to launch and extend the product categories, build a senior management team and strengthen its expert channel network and R&D, said the company.
“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,” said Avnish Chhabria, founder, Wellbeing Nutrition.
Revenue up 200%
Between FY19 and FY22, its revenue increased by 201 percent at a compounded annual growth rate. According to the company, it has also expanded its operations to over 3,000 stores across the country.
Ritesh Tiwari, CFO of HUL said, “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 complimentary expertise and capabilities.”