Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast & Up, has secured Rs 50 crore ($6.6 million) as fresh capital from a mix of existing and new investors, in a funding round led by Singapore-based Amansa Capital
Founded in 2011, Fullife launched its flagship Fast&Up brand in late 2015, under which it retails a portfolio of about 20 products spread across three segments – immunity, fitness and wellness
The company, which sells its products across 20 countries, has an omnichannel presence. Some of its flagship products are Fast&Up Charge (Vitamin C immunity booster) and Fast&Up Reload (electrolytes).
Fulllife will use the funds to expand its presence and ramp up its product portfolio,like for expanding to new markets including the USA and Europe and introducing new product lines.
In 2018, the company had raised close to Rs 10 crore to Rs 15 crore (~$2 million) from Sixth Sense Ventures, and around Rs 25 crore to Rs 30 crore (~$4 million) from Jhunjhunwala.
Akash Prakash, the founder of Singapore-based Amansa Capital, came on board as a new investor.
“I am a firm believer in partnering with brands which are future-proof and show vast potential for growth. Fast&Up is undoubtedly getting it right with their focus on accessible high-quality nutrition products. Nutraceuticals is a sector which as-a-whole has immense scope and Fast&Up has an impressive track record of proven success via their unique business model,” Prakash said.
The report highlights that the sports nutrition market comprises three verticals: food, drinks and sports supplements. Largely, protein supplements – including whey protein and protein isolates – lead the market, contributing 70 percent to the overall consumption.
Apart from protein additives, nutrition bars are also finding acceptance, particularly among vegetarians as they increasingly feel the need to meet their protein requirements in order to stay healthy. Companies eyeing a slice of the sports nutrition market include Neulife, HealthKart, Amway, Pfizer, Merk, Bayer, and Abbott, among others.
The fact that sports nutrition is a fast-scaling sector in India, expected to grow at 23 percent CAGR by 2023, according to a report by Euromonitor International makes the future of Fullife more secure and also adds a lot of responsibility on them to keep the industry ticking in the right spirit.