Vegan health wellness startup, Fitspire has raised $300k in funding round from global marquee investors- Ivor Braganza (Director of Next5 Oman), and Rajesh Sud (Managing Director of Bharti Financial Services).
The startup plans to use the funds to further strengthen its ecosystem and accelerate market expansion, branding, and the creation of new sources of revenue.
The Delhi-based Fitspire was founded in 2020 by IIM Lucknow alumnus Vipen Jain, It offers various health and wellness products in the nutrition segment.
The startup creates products for all ages and all health segments such as vegetarian protein, multivitamin, vitality, healthy snacking (bars and peanut butter), weight management keto, skincare, immunity products and kids multivitamin drinks.
Fitspire is expected to further grow, broaden and expand its presence across all online-offline channels and international markets, the company said in a statement.
“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”, said, Vipen Jain, Co-Founder, Fitspire.
The company grew sales by over 50 per cent in 2021 due to increasing demand for vegetarian products, consistent customer engagement, product expansion, and a comprehensive approach.
For the next two years, the company aims to capture 20 per cent of the total vegetarian market which is currently pegged at Rs 6000 crore and is growing at a CAGR of 28 percent.
“Fitspire has built some innovative healthcare products and supplements to integrate the healthcare system and players even further”, said, Brangnaza, Director of Next5 Oman.
“Vipen and his team have done a very good effort in understanding the current consumer requirements and fulfilling the same through their product range”, said, Rajesh Sud, MD, Financial Services, Bharti group.
Earlier this year, Fitspire, owned by Starcap Wellness Pvt. Ltd, had raised an undisclosed foreign direct investment (FDI) round from various angel investors in a bridge round in India.
In August 2020, Fitspire had raised $200K in its pre-seed funding round from Nikhil Parmar and Priyanka Madnani, Founders, EasytoPitch, along with Bollywood Singer Sukhbir Singh and other investors.
Fitspire is an endeavour to grant its pre-eminent in the field of health, fitness, activeness, agility, and well-being. They develop a wide range especially suited for all age groups and their needs while being globally competitive in authenticity, safety and performance. They are very determined to make Fitspire the most respected and India’s leading health wellness brand by providing a stronger & healthier environment to the nation.
“Fitspire is conceptualized to deliver 100% vegan and vegetarian, chemical and steroids free formulas are driven by innovation and validation”