The funding round was led by the founders of LC Nueva, singer Sukhbir Singh, and the family Office of Jaipurias
New Delhi: Vegan health and personal care products brand Fitspire has secured an undisclosed amount of funding in a pre-series A round, the company announced in a release on Tuesday.
The funding round was led by the founders of LC Nueva, an alternate investment fund, singer Sukhbir Singh, and the family Office of Jaipurias, represented by Ruchirans Jaipuria and
The recent funding round also witnessed participation from other investors such as Ivor Braganza from Next5 Ventures Oman, Dheeraj Jain from Redcliffe London, and existing investor Amit Singhal.
The company aims utilize the funds to enhance its HPC (health, personal care) ecosystem, expand its market presence in tier 2 and tier 3 cities in India and globally, introduce additional products, and establish new sources of revenue, the release added.
“This investment will help us expand our product range and reach global markets, bringing our plant-based products to more people. We are excited to take Fitspire to new heights and positively impact people’s well-being along the way,” Vipen Jain, founder and chief executive officer of Fitspire said.
Fitspire has previously raised approximately $1 million (Rs 8 crore) in seed and bridge rounds from various investors including Rajesh Sud (managing director Financial services Bharti Enterprises),
Globally, the HPC market is valued at $140 billion, while the Nutraceuticals segment alone is valued at $39 billion. Both segments are projected to grow at a compound annual growth rate (CAGR) of 18%, according to the release.
Fitspire, owned by StarCap Wellness Pvt. Ltd, today boasts of over one million customers and a network of 10,000 fitness influencers.
Founded in 2020 by Vipen Jain, an alumnus of IIM Lucknow, Fitspire claims to have increased its sales by ten times each year since its inception. It now aims to achieve revenue of Rs 300 crore in the next three years.
