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Monday, May 29, 2023

Wellbeing Nutrition raises $10M in Series B Funding from HUL and Fireside Ventures

Wellbeing Nutrition (Nutritionalab Pvt. Ltd.), a science-backed, all-natural D2C nutrition company, has raised $10 (85cr) million in a Series B round led by Hindustan Unilever Limited (HUL) and Fireside Ventures. The current Wellbeing Nutrition team led by Mr. Avnish Chhabria and Mr. Saurabh Kapoor will continue to operate all functions of the business. HUL and Fireside Ventures will be represented on the Board.

Founded in 2019, Wellbeing Nutrition has pioneered disruptive formats in science-backed, benefit-led clean products in Health & Wellbeing. Its product range includes Melts (Oral Thin Strips), Slow (Slow-Release 2-in-1 capsules with beadlet in oil technology), Korean Marine Collagen peptides for beauty, Daily Fiber for digestion, and Vegan Protein for fitness and everyday health. They have a presence in D2C, and digital marketplaces and are expanding in offline retail channels to over 5000+ retail touchpoints.

In the last 1 year, revenue grew at 201% CAGR between FY19 and FY22. Wellbeing Nutrition has scaled operations to over 5000+ stores across India With the new round, they aim to launch and extend the product categories, build a senior management team and strengthen their expert channel network, along with strengthening their R&D as well as achieving high retention numbers for growth.

Avnish Chhabria

Avnish Chhabria & Saurabh Kapoor of Wellbeing Nutrition said: “We are very excited to welcome Hindustan Unilever as a strategic Investor. Fireside Ventures continued backing and further investment have been a great encouragement. Along with both these titans, we will further our mission to make clean nutrition accessible to consumers all over the world on the back of innovative products, such as Melts, Slow, Collagen, and Protein, formulated using high-quality and globally-sourced natural ingredients. With the new funding, we aim to reach 100 million people over the next year by driving awareness through digital aggressively, as well as making use of HUL’s capabilities. We believe this partnership will help scale Wellbeing Nutrition and become a lifestyle wellness brand of choice for all.”

Ritesh Tiwari

“HUL has a successful track record of building categories through market development. We are excited to work with the founder of Wellbeing Nutrition to grow the businesses further by leveraging our complementary expertise and capabilities.” Ritesh Tiwari, CFO, HUL

Kannan Sitaram

Kannan Sitaram – Fireside Ventures ” It has been an amazing journey for us with Wellbeing over the last year and a half. The business has grown rapidly under Avnish’s stewardship. All thanks to the new-to-market innovations both on products and channels, creating rapid consumer engagement. We are excited by how the partnership with HUL can build on this culture of innovation and create enormous potential for growth”


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