[Funding alert] Rakesh Jhunjhunwala-backed healthcare company Fullife raises Rs 50 Cr in a round led by Amansa Capital

A report by Euromonitor International says that the sports nutrition market is gathering steam in India, and that this market is expected to grow at 23 percent CAGR by 2023.

Fullife Healthcare, which sells sports nutrition supplements through a brand called Fast&Up, on Thursday raised Rs 50 crore in a funding round led by Singapore-based Amansa Capital, according to an Economic Times report.

Including the latest round, the Rakesh Jhunjhunwala-backed company has raised an estimated Rs 100 crore so far, the Economic Times reported Fullife's Chief Executive Officer and Co-Founder, Varun Khanna, as saying. Existing investors including Jhunjhunwala and Sixth Sense Ventures also participated.

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Fulllife will use the funds to expand its presence and ramp up its product portfolio, the ET story said.

In 2018, the company had raised close to Rs 10 crore to Rs 15 crore (~$2 million) from Sixth Sense Ventures, and around Rs 25 crore to Rs 30 crore (~$4 million) from Jhunjhunwala.

Founded in 2011, the Mumbai-based company launched Fast&Up in 2015 to offer nutritional supplements for athletes. Its portfolio includes around 20 products which target fitness, immunity and wellness, and are sold offline, as well as online.

Sports nutrition is a fast-scaling sector in India, expected to grow at 23 percent CAGR by 2023, according to a report by Euromonitor International.

The report highlights that the sports nutrition market comprises three verticals: food, drinks and sports supplements. Largely, protein supplements - including whey protein and protein isolates - lead the market, contributing 70 percent to the overall consumption.

Apart from protein additives, nutrition bars are also finding acceptance, particularly among vegetarians as they increasingly feel the need to meet their protein requirements in order to stay healthy. Companies eyeing a slice of the sports nutrition market include Neulife, Healthkart, Amway India, Pfizer, Merk, Bayer, and Abbott India Ltd, among others.

Edited by Aparajita Saxena