Earlier this year, Fitspire, owned by Starcap Wellness Pvt. Ltd, raised an undisclosed foreign direct investment (FDI) round while in 2021, the brand raised another FDI round of $25,0000 from multiple angels. Even in 2020, it raised a $20,0000 pre-seed round led by singer Sukhbir Singh.
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, it said in the statement.
”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,” said Vipen Jain, Cofounder, Fitspire.
Founded in 2020 by IIM Lucknow alumnus Jain, Fitspire provides health and wellness products in the vegan nutritional segment catering to sports nutrition, general health wellness, and personal and child wellness.
“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 is commendable,” said Brangnaza.
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The company’s sales grew by more than 50% in 2021 on the back of growing demand for vegan products product expansion, and an omnichannel approach. Its goal over the next two years is to capture 20% of the total vegan market that is currently pegged at Rs6000 crore and is growing at a CAGR of 28%.
“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,” Sud added.
