SUMMARY
- Nutrabay has raised $5 million in its Series A funding round, led by RPSG Capital Ventures and Kotak Alternate Asset Managers Limited, marking its first institutional investment.
- The funds will be used for omni-channel expansion and new product innovation, with the company aiming to introduce over 50 new products by the next financial year.
- Despite a substantial revenue increase of 4.66X to Rs 89.53 crore in FY23, Nutrabay’s losses have risen to Rs 5.8 lakh, reflecting its ongoing investment in growth and expansion.
Direct-to-consumer (D2C) retail brand Nutrabay has successfully raised $5 million in a Series A funding round led by RPSG Capital Ventures, with additional participation from Kotak Alternate Asset Managers Limited. This funding marks the company’s first institutional investment round and is aimed at supporting its expansion and product innovation efforts.
Founded in 2017 by Sharad Jain, Shreyans Jain, and Divya Prakash Jain, Nutrabay is a Gurugram-based retailer specializing in nutritional supplements. The company operates as a multi-brand D2C retail store, offering over 100 brands and its own private label products under the Nutrabay brand. These products are available through its D2C website, major eCommerce platforms, and offline supplement stores.
The Indian nutritional supplements market is projected to reach $28.70 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.7%, according to market research. Nutrabay plans to capitalize on this growth by expanding its omni-channel presence and introducing new products across three core categories: sports nutrition, vitamins, minerals, and supplements (VMS), and health food and drinks.
In the fiscal year 2024 (FY24), Nutrabay reported an 80% growth compared to FY23, driven by its expanding product portfolio. The company currently offers over 70 products and aims to introduce more than 50 new products in the next financial year. However, despite a significant revenue increase, Nutrabay’s losses grew to Rs 5.8 lakh in FY23 from a profit of Rs 32.41 lakh in FY22.
Nutrabay’s revenue surged 4.66X to Rs 89.53 crore in FY23 from Rs 19.24 crore in FY22, according to startup data intelligence platform TheKredible. The company faces competition from other market players like HealthKart and others.
