Fullife, which manufactures and retails sports nutrition supplements under the brand name Fast&Up, has raised Rs 50 crore in a fresh financing round, in the process, bringing on board, Amansa Capital, the Singapore-headquartered investment firm founded by ace stock picker Akash Prakash, as a new investor.
Mumbai-headquartered Fullife’s existing investors, Dalal Street bull Rakesh Jhunjhunwala and consumer-focused, early-stage investment firm Sixth Sense Ventures, also participated in the fundraising.
This takes its total amount of funding to an estimated Rs 100 crore, according to Varun Khanna, cofounder and chief executive of the company.
It last raised $2 million from Sixth Sense Ventures in 2018.
Jhunjhunwala, an angel investor in Fullife, invested about Rs 25-30 crore about three years back.
“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,” Khanna said.
The nine-year-old company will use the proceeds from the round to expand its presence across markets, and ramp up its product portfolio.
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.
It has two plants in Maharashtra and Himachal Pradesh. Apart from its home market, 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.
“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,” Prakash said.
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.