Ivor Brangnaza – Director Next 5 Oman and Rajesh Sud – Managing Director Bharati Financials led the round.
New Delhi, April 29: Fitspire, a vegan health-wellness brand, has raised $300k funding from global marquee investors — Ivor Braganza and Rajesh Sud.
Braganza, Director of Next 5 Oman, has over 30 years of experience in the FMCG space and distribution for the largest multinational brands in India, UK, Russia, and the Middle East. He is an active investor in disruptive businesses across various categories and has been investing in India and other geographies for over a decade.
Rajesh Sud, Managing Director of Bharti Financial Services, leads the Life and General Insurance Businesses and is on the board of Airtel Payments Bank. A financial services professional, he has in the past served as Chairman of Max Bupa Health Insurance Company and Vice Chairman & Managing Director of Max Life Insurance.
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.
Founded in 2020 by IIM Lucknow alumnus Vipen Jain, Fitspire provides various health and wellness products in the nutritional segment. Focussed on Vegan health products, Fitspire is India’s first Vegan Family Health Wellness Brand catering to Sports-Nutrition, General Health wellness, and Personal and Child Wellness.
The Delhi-based nutrition and wellness startup would use the fresh funds to further strengthen its ecosystem and accelerate market expansion, build the brand, and create new revenue streams.
Commenting on the development, Vipen Jain, Cofounder, Fitspire, said,” More people in India are becoming increasingly aware of how diets influence animal welfare, climate change, and obviously impact health. These above findings led us to launch Fitspire and we have been backed by some of the great minds in the startup and corporate world. The funds 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.”
Jain further added that Fitspire’s sales grew by more than 50 % 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% of the total vegan market that is currently pegged at 6000 Cr and is growing at a CAGR of 28 %.
On the company’s high 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. Their high growth numbers, a healthy balance sheet, and their vision to become the largest Vegan health brand globally are commendable. I am excited to come on board and witness the brand grow leaps and bounds.”
To this Rajesh Sud, MD, Financial Services, Bharti group said “Understanding the current market environment, competition and consumer trends is crucial for a new business. Vipen and his team have done a very good effort in understanding the current consumer requirements and fulfilling the same through their product range.”
Fitspire makes products for all ages 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.