Starcap Wellness Pvt. Ltd, which operates the nutrition-focused wellness brand Fitspire, has raised an undisclosed amount from various angel investors in a bridge round in India, and in a foreign direct investment (FDI) round abroad, the company said in a statement.
The round was led by Amit Jain- Group CEO -Global Equity London, Jay Ukani – Ban Labs, Mohak Goel- Sheel Oils, Simmarpal Singh, Narendar Pal Singh, Amit Hooja, Siddharth – IDFC, and Mukund Kela.
Starcap Wellness plans to deploy the capital to add more products, strengthen its market share in modern trades, global expansion, and boosting its digital adoption. Founded in 2019 by Nidhi Jain and Vipen Jain, Fitspire's range of products include those for sports wellness, health wellness, kids' wellness, and personal wellness, focusing on overall nutritional deficiency and immunity, the statement said.
The company claims to have acquired around over 500 women influencers, more than 100 trainers, and over 250 fitness enthusiasts even during the Covid times.
“We plan to go very aggressive on e-commerce and modern trades, we saw a good customer repeat ratio of our products which make us more confident in expanding nationally and globally," said Hinah Sawhney, Co-founder and Director, Fitspire.
In 2020, the platform raised pre-seed funding from angel investors, in which Bollywood singer Sukhbir Singh also participated.
According to reports, the total retail market for health and wellness as a category is valued at Rs 4,579 crore, growing at 16–18 per cent and estimated to cross Rs 7,000 crore by the end of this year.
In a similar space, recently, Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast&Up, and health and wellness platform Mosaic Wellness Pvt Ltd, also raised capital.
In September 2021, model and actor Malaika Arora launched Malaika Arora Ventures to invest in brands focused on health, wellness and lifestyle.