New Delhi: Fitspire, a leading brand for vegan health and personal care products, has announced that it has secured an undisclosed amount of funding in a pre-Series A round. The funding was spearheaded by prominent investors such as the founders of LC Nueva, an alternate investment fund, and renowned singer Sukhbir Singh.
Additionally, the Family Office of Jaipurias, represented by Ruchirans Jaipuria and Anuraag Jaipuria, also participated in the funding round.
The recent funding round attracted notable investors such as Ivor Braganza from Next5 Ventures Oman, Dheeraj Jain from Redcliffe London, and existing investors Amit Singhal, Fitspire also previously got invested by Rajesh Sud (MD Financial services Bharti Enterprises), Simmar Pal Singh – CEO Cofco International, and Jay Ukani Director Ban Labs.
The Delhi-based nutrition startup, which addresses contemporary lifestyle concerns, had previously raised approximately $1 million (INR 8 crore) in seed and bridge rounds. With the new funding, the company aims to enhance the HPC ecosystem, expand its market presence in Tier II and Tier III cities in India and globally, introduce additional products, and establish new sources of revenue.
Founded in 2020 by Vipen Jain, an alumnus of IIM Lucknow, Fitspire has experienced remarkable sales growth since its inception. In fact, its sales have increased by ten times each year. With such strong financial momentum, Fitspire is on track for a significant growth trajectory. The company has set a revenue target of INR 300 crore within the next three years.
Fitspire’s impressive growth can be attributed to the company’s presence in the rapidly expanding HPC (Health, Personal Care) and Nutraceuticals market. Globally, this market is valued at a staggering USD 140 billion, while the Nutraceuticals segment alone is valued at USD 39 billion. Both segments are projected to grow at a compound annual growth rate (CAGR) of 18%.
Vipen Jain, Founder & CEO of Fitspire, said, “This investment will help us expand our product range and reach global markets, bringing our plant-based products to more people. We are excited to take Fitspire to new heights and positively impact people’s well-being along the way.”
Sohil Chand, CIO for LC Nueva, added, “The demand from consumers for plant-based protein options is experiencing exponential growth, both in domestic and international markets. The company has meticulously crafted distinctly differentiated products, boasting a high gross margin structure and embracing an omnichannel distribution approach. We take immense pride in joining forces with Fitspire on this journey as they undertake the ambitious endeavour of creating a product that offers one of the purest forms of protein. With a robust team and visionary founder, we firmly believe that Fitspire is positioned for a sustained presence within the Indian Fitness and Wellness segment.”
Commenting on the investment in Fitspire, Ruchiran Jaipuria from the Family Office of Jaipurias stated, “Fitspire offers healthy nutrition supplements with the highest quality ingredients, and unlike many others, I’ve tried, Fitspire products excel in taste as well. Vegan protein and taste usually don’t go hand in hand, but Fitspire has cracked that code. Additionally, a talented team of professionals with a hunger for growth and a focus on filling the market gap convinced me to invest.”
Fitspire, owned by StarCap Wellness Pvt. Ltd today boasts over one million customers and a strong network of 10,000 fitness influencers. Fitspire has assembled a team of dedicated professionals who are committed to capitalizing on this momentum. Their goal is to expand operations and further their mission of promoting plant-based health and wellness.
