D2C nutrition startup Nutrabay has successfully raised $5 million in a Pre-Series A funding round, spearheaded by RPSG Capital Ventures. The round also saw participation from existing investors, including Kotak Alternate Asset Managers Limited, among others.
The newly acquired funds will be directed towards expanding Nutrabay’s omni-channel presence and enhancing its new product innovation initiatives. Founded in 2017 by Divay Jain, Sharad Jain, and Shreyans Jain, Nutrabay offers a wide array of supplements from over 100 brands, including its private label products.
The company’s product range includes whey protein powders, vitamins, gainers, creatine, BCAAs, and Ayurveda supplements. Nutrabay boasts over 70 private label products available across its direct-to-consumer (D2C) website, major eCommerce platforms, and offline supplement stores.
Shreyans Jain, Co-Founder of Nutrabay, emphasized the company’s commitment to quality and accessibility, stating, “We are committed to providing high-quality products at an affordable price to make the brand accessible to all enthusiasts across all consumer segments.”
Abhishek Goenka, Managing Partner at RPSG Capital Ventures, expressed confidence in the health and wellness sector, noting, “We have strong conviction in nutrition, health and wellness as a space and have constantly backed companies in this category such as Plix and True Elements. We have seen sports nutrition growing beyond metros and a high incoming demand from tier 2 and beyond markets as well.”
Nutrabay reported an impressive 80% annual growth in FY24 compared to FY23, underscoring the startup’s rapid expansion. The company faces competition from other supplement startups such as OZiva, BoldFit, and HealthKart, as well as established brands like Amway, Cipla, Herbalife, and Himalaya Wellness. The post-pandemic surge in health and wellness awareness has driven a substantial increase in demand for nutraceuticals and dietary supplements.
The dietary supplements market in India is projected to reach $10.2 billion by 2026, according to the Ministry of Food Processing Industries, reflecting a robust 22% year-on-year growth rate since 2020, when it was valued at $3.9 billion.
