Fast&Up attracts interest from VC firms for its ongoing $70 mn round
The proposed $70 million round highlights investors’ growing appetite for preventive nutrition brands as India’s wellness market grows rapidly. With increased deal activity across supplements and nutraceuticals, Fast&Up is positioning itself to meet the growing demand for protein, hydration and clean label products.
The company has appointed Avendus Capital as its advisor and the process has now entered the final round of tenders.
“The company has engaged Avendus as an advisor to assist with the process. As part of the outreach, several investment firms have been contacted and the process is now down to the final round of bidding,” said one of the people cited above.
“If it goes as planned, it could be a combination of two investors investing money with Venturi investing in a larger check size,” the person added.
Fast&Up, Venturi and Avendus declined to comment, while Elev8 did not respond Mint‘s queries by the time of publication.
wellness wave
The potential deal underscores investors’ growing interest in sports and preventive nutrition as consumers increasingly prioritize health and fitness.
“As consumers become more focused on health and nutrition, this space is increasingly attracting the attention of private equity and venture capital players,” the second person said.
in November, Mint We first reported on Fast&Up’s plans to raise capital to accelerate growth, launch new product lines and expand distribution.
Last week, USV Private Ltd acquired approximately 79% stake in nutraceutical firm Wellbeing Nutrition in an all-cash deal that valued the company at ₹100,000. ₹1,583 crore. Separately, Hindustan Unilever Ltd (HUL) announced that it will acquire the remaining 49% stake in Oziva. ₹824 crore.
Other recent transactions include Kapiva’s $60 million fundraising in September led by 360 ONE Asset and Vertex Growth, while Healthkart raised $153 million in a largely secondary round led by ChrysCapital and Motilal Oswal Alternates last year.
Category expansion
India’s health and wellness market reached $156 billion last year and is expected to reach $256.9 billion in the next eight years, according to research firm IMARC Group.
Brands like Plix, Nutrabay, and HyugaLife are also expanding aggressively, supporting the growing demand for protein supplements, hydration products, and clean-label formulations.
Fast&Up’s latest development comes nearly four years after the company raised an undisclosed amount from actor Varun Dhawan in 2022. ₹Series C round led by Morgan Stanley Private Equity Asia earlier that year.
Its other backers include Rare Enterprises (founded by Rakesh Jhunjhunwala), Kotak Securities and Sixth Sense Ventures.
Business snapshot
Founded in 2015 by Vijayaraghavan Venugopal and Varun Khanna, Fast&Up started with multivitamins and sports nutrition supplements.
Its parent company, Fulllife Healthcare Pvt. Ltd is of European origin. Fulllife owns Aeronutrix Sports Products Pvt Ltd, under which Fast&Up operates. The group also runs Chicnutrix, a women-focused health and wellness brand.
Fast&Up operates in the categories of weight management, plant protein, whey protein, hydration and energy, sports nutrition and daily nutrition. More than 100 products are available in more than 35 countries, according to the website.
The brand distributes through online platforms, including express trade channels and offline retail, through regional distributors as well as partners such as Reliance Retail and DMart.
Fulllife reported the following revenue in FY24: ₹188 crore, as of: ₹171 crore a year ago. Losses narrowed ₹30 crore ₹49 crore in FY23, according to Entrackr report.
