Nutrabay Secures $5 Million in Series A Funding
Gurugram-based direct-to-consumer retail brand Nutrabay has announced the completion of its Series A funding round, securing $5 million in investment from RPSG Capital Ventures and Kotak Alternate Asset Managers Limited. This is Nutrabay’s first institutional funding round, marking a significant milestone for the company.
The funding proceeds will be used to fuel the company’s expansion strategy, including growth in its online and offline channels, as well as the development of new product offerings. Nutrabay operates a multi-brand retail platform, housing over 100 brands and its own private label products under the Nutrabay brand.
The company, co-founded in 2017 by Sharad Jain, Shreyans Jain, and Divya Prakash Jain, aims to capture a significant share of the Indian nutritional supplements market, which is expected to reach a valuation of $28.70 billion by 2032, with a growth rate of 10.7% CAGR.
Nutrabay’s product portfolio currently boasts over 70 offerings, with impressive growth of 80% in FY24 compared to FY23. The company plans to add over 50 new products to its portfolio by the next financial year. According to TheKredible, Nutrabay’s operating revenue grew to Rs 89.53 crore in FY23, with a 4.66X revenue growth compared to FY22. However, the company’s losses increased to Rs 5.8 lakh in FY23 from a profit of Rs 32.41 lakh in FY22.
Nutrabay competes with major players in the market, including HealthKart, Optimum Nutrition, My Protein, and MuscleBlaze. With its latest funding round, Nutrabay is poised to further expand its reach and solidify its position in the highly competitive nutritional supplements market.
