New Delhi-based health and wellness start-up Welly raised a seed funding round worth $4,00,000 led by Anthill Ventures. Founded by Urvi Raghbeer, Welly was selected under a scaling programme by Anthill ventures that supports women founders. This round also saw participation of Roshan Abbas, angel investor, and Allu Sneha Reddy (Tollywood star Allu Arjun’s wife).
The start-up said that the funds raised will be utilised to expand the product portfolio, increase the customer base, expand team, among others. Welly’s portfolio consists of vitamin gummies targeted at adults.
‘Proud to support’
“In an increasingly competitive environment, Welly stands out with its excellent product, unique formulations and great unit economics. Furthermore, their focus on the burgeoning sleep science ecosystem sets them as leaders in a massive and relatively untapped market. Anthill is proud to support Welly and such a strong second-time founder as Urvi,” said Kabir Kochhar, Partner at Anthill Ventures.
As per industry estimates, the Indian Dietary Supplement market is a $3.9 billion opportunity, with vitamins and minerals category making up for 40 per cent of it, estimating it at a $1.5 billion market size.
Urvi Raghbeer, Founder & CEO at Welly, said, “We are excited to be the only gummy brand to receive institutional funding within six months from launch. With this round, we plan to grow our team and expand our product offerings within the nutraceutical space. I am proud of what we’ve achieved in such a short span of time with a small team and only three products. The support from Anthill Ventures will now help us scale exponentially.”