Fullife, a startup that manufactures sports nutrition supplements under the brand name Fast&Up, announced that it has raised Rs 50 crore in a fresh financing round, according to an ETtech report.
New investors that participated in the financing round include Amansa Capital, the Singapore-headquartered investment firm founded by ace stock picker Akash Prakash.
Existing investors that took part in the financing round include angel investor Rakesh Jhunjhunwala and Sixth Sense Ventures, an early-stage investment firm.
This takes its total amount of funding to an estimated Rs 100 crore, according to Varun Khanna, Co-Founder and Chief Executive of the company. Rakesh Jhunjhunwala, an angel investor in Fullife, invested about Rs 25-30 crore about three years back.
The company will utilise the capital infusion to expand its presence across markets, and ramp up its product portfolio. Earlier in 2018, the startup had raised $2 million from Sixth Sense Ventures.
“This year, we are going to focus on increasing our product portfolio while catering to the required expanded capacity to cater to growing demand as well,” Varun Khanna said.
Founded in 2011, Fullife launched its flagship Fast&Up brand in late 2015, under which it retails a portfolio of about 20 products spread across three segments – immunity, fitness and wellness – and which includes Vitamin C immunity boosters, electrolytes and vegan products.
“I am a firm believer in partnering with brands which are future-proof and show vast potential for growth. Fast&Up is undoubtedly getting it right with their focus on accessible high-quality nutrition products. Nutraceuticals is a sector which as-a-whole has immense scope and Fast&Up has an impressive track record of proven success via their unique business model,” Akash Prakash said.
Akash Prakash, who is the CEO of Amansa Capital, served as director of investments, India, for Temasek, the investment company backed by the Singapore government. He had also spent six years at GIC, the sovereign wealth fund of the island nation, as a portfolio manager, focused on US, Pan-Asian and Indian investment portfolios.
Fullife has two plants in Maharashtra and Himachal Pradesh. Apart from India, the company has also launched Fast&Up in the United Arab Emirates, Europe and the UK, and expects to launch in the United States over the next few months.
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