Fast&Up in talks to raise $50-70 million in new round, appoints banker
The company has appointed investment bank Avendus and the upcoming round will be largely primary fundraising, sources said, adding that the funds will be used to double growth, launch new product lines and expand distribution reach. Both Avendus and Fast&Up declined to comment.
This is important as the demand for fitness and preventive nutrition is growing in India, leading to a fundraising wave in the broader wellness category. Brands like OZiva, Plix, Wellbeing Nutrition, Nutrabay, Kapiva and HyugaLife are growing aggressively, fueled by growing consumer interest in protein supplements, hydration products and clean-label formulations. Fast&Up’s move underlines that investors’ appetite for health, wellness and technology-enabled nutrition continues to strengthen.
big supporters
This development follows Fast&Up’s $22 million (approx. ₹165 crore from Morgan Stanley Private Equity Asia earlier that year). The company also counts Rakesh Jhunjhunwala’s Rare Enterprises, Kotak Securities and Sixth Sense Ventures among its backers.
Founded in 2015 by Vijayaraghavan Venugopal and Varun Khanna, Fast&Up started with the aim of providing nutritional supplements and multivitamin drinks. Fulllife Health Pvt. Ltd, which originates from Europe, is the parent company of Aeronutrix Sports Products Pvt Ltd, which has brought its flagship brand ‘Fast&Up’ to India under the active lifestyle segment. Its other brand, Chicnutrix, caters to women’s health and wellbeing needs.
The company operates in various categories such as weight management, plant protein, whey protein, hydration and energy, sports nutrition and daily nutrition. According to the company’s official website, more than 100 products are available in more than 35 countries. It distributes its products through online channels including flash trade and offline channels through third-party distributors like Reliance, DMart and other regional players.
In September, Khanna said: Economic Times He said the company plans to expand its brownfield manufacturing unit in Maharashtra to bolster its capacity, invest capital in machinery upgrades and is in talks to acquire some advanced European technologies in India. He also outlined his plans for tapping ₹1,000 crore in the next five years.
Fulllife reported in FY24 ₹188 crore revenue generated ₹171 crore a year ago. Losses narrowed ₹30 crore, in comparison ₹49 crore in FY23, according to Entrackr report.
Industry tailwinds
Overall, the size of India’s health and wellness market reached $156 billion last year and is expected to reach $256.9 billion in the next 8 years, according to a report by research firm IMARC.
Some of the 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.
Snigdhaneel Satpathy, partner at Saraf and Partners, said this sector, which sits at the intersection of health, wellness and technology, three themes that continue to attract capital, is seeing increasing interest from investors.
“Investor confidence is also increasing as consumer adoption increases and regulatory clarity increases. As global nutrition and wellness brands seek to expand into the Indian market, we expect this trend to significantly contribute to FDI inflows into India.”
The increasing demand for nutritional products is due to increased health awareness throughout the ages, urban lifestyles and the increasing emphasis on preventive care as consumers become more knowledgeable and proactive about fitness and nutrition. This is supported by digital platforms and influencer-driven trends that are contributing to greater adoption of products such as pre- and post-workout boosters, hydration solutions and multivitamins, Satpathy said.
He added that personalized nutrition and clean label products are emerging as strong growth areas.
“Consumers are looking for products tailored to their health goals, age and lifestyle, often powered by technology. Functional foods are gaining traction, as well as plant-based and sustainable supplements.”
