Rakesh Jhunjhunwala-backed wellness and nutrition companyHealthcare raised Series C funding of $22 million by Morgan Stanley Private Equity Asia (MSPEA), the company said on Monday.
The company sells active nutrition and beauty products through its flagship brands Fast&Up and Chicnutrix respectively.
“A large part of the funding will go into building our brands in India, increasing our presence, our product portfolio, our categories that we play, and of course, focus on the technology,” said Varun Khanna, CEO of Fullife Healthcare, while speaking to YourStory.
An increasing number of Indians are choosing to buy activity and wellness nutrients, which is helping the company’s growth base. “It is only the tip of the iceberg, there’s a huge journey to go,” he added. The market will grow as they choose active and healthier lifestyles.
Fullife manufacturers healthcare and nutraceutical products using effervescent technology. Its acquisition of Switzerland-based Novelty Pharma helped drive its growth in this vertical.
The company is a backward integrated company with its own R&D centre as well as manufacturing plants, and operates on an omnichannel distribution model. For both of its brands, it does its own development, manufacturing, in-house quality assessments, online, and offline distribution to the consumer.
“Manufacturing is a very important part for us. We don’t want to get into the business of hogwash,” said Khanna.
“Raising $22 million from Morgan Stanley is proof that you do not need to compromise on quality. You do not need to cut corners,” said Varun.
“Being a successful entrepreneur in India, it’s actually about looking at how the customers benefit from the product,” he added.
The company, which sells its brands in different places in Europe, America besides India, follows European quality standards, which are more stringent than Indian standards.
“We want to build a brand which fits for decades,” he added.
This means investing in manufacturing capacity, scaling up the current assets and technology to reinforce its position. The company is focusing on adding more productive materials and a new delivery format.
When it comes to new categories, Varun feels their presence outside India would help them gauge the trend and bring it to India.
Its ‘Fast&Up’ brand, which delivers active living nutrition and immunity, is already present in India, Italy. The company started expanding into other European and American countries in 2018.
Fullife launched Chicnutrix in 2019. The all-women’s wellness, beauty and nutrition brand is present in six countries and sells eight products under its portfolio — ranging from skincare, haircare, nails, PCOS, and UTI products.
Fullife also manufactures and exports for other private labels.
Founded in 2011, Fullife is also backed by investors such as Rakesh Jhunjhunwala, Sixth Sense Ventures, Kotak Securities, and Akash Prakash.
“MSPEA is very excited to invest into Fullife, which is carving a niche in the new-age nutrition, active lifestyle and wellness space through its novel effervescent and plant-based offerings,” said Nirav Mehta, Managing Director, MSPEA, adding, “Fullife’s key brands Fast&Up and Chicnutrix are already household names, and the company is well-positioned to emerge as a leading global player in the space, backed by its wide product portfolio, in-house manufacturing capabilities, global business footprint and omnichannel distribution.”