Fitspire, a vegan health-wellness brand, has announced it has raised $300k funding from global marquee investors — Ivor Braganza and Rajesh Sud.
Braganza, Director of Next 5 Oman, has over 30 years experience in the FMCG space and distribution for largest multinational brands in India , UK , Russia and Middle East. Rajesh Sud, Managing Director of Bharti Financial Services, leads the Life and General Insurance Businesses and is on the board of Airtel Payments Bank.
Fitspire, owned by Starcap Wellness Pvt. Ltd, had raised an undisclosed foreign direct investment (FDI) round earlier this year. In 2020, Fitspire raised a $200k pre-Seed round led by well-known singer Sukhbir Singh. In 2021, the brand raised another FDI round of $250k from multiple angels.
The Delhi-based nutrition and wellness startup would use the fresh funds in further strengthening its ecosystem and accelerate market expansion, build the brand, and create new revenue streams.
Founded in 2020 by IIM Lucknow alumnus Vipen Jain, Fitspire provides various health and wellness products in the nutritional segment. Fitspire makes products for all age and all health segments such as Vegan Proteins, Multivitamins, Vitality , Healthy Snacking ( Bars and Peanut butter) , Weight management Keto , Skincare ,Immunity products and Kids Multivitamin drinks . The Company expects to drive, broaden the brand, and grow its presence across all online - offline channels and international markets, it said in a statement.
Commenting on the development, Vipen Jain, Co-Founder, Fitspire, said,”More people in India are becoming increasingly aware of how diets influence animal welfare, climate change, and obviously impact health. The funds [raised] will be utilized to promote research and development of the product and expand our services in tier 2 cities to the international market this year.”
Fitspire’s sales grew by more than 50 percent in 2021 on the back of growing demand for vegan products, consistent customer engagement, product expansion, and an omnichannel approach.
The company’s goal over the next two years is to capture 20 percent of total vegan market that is currently pegged at 6000 crore and is growing at a CAGR of 28 percent.
On the company’s growth and funding, Ivor Brangnaza, Director of Next Oman 5, said, “ Fitspire has built some innovative healthcare products and supplements to integrate the healthcare system and players even further.”
Rajesh Sud, MD, Financial Services, Bharti group said, “Vipen and his team have done a very good effort in understanding the current consumer requirements and fulfilling the same through their product range.”
