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Fitday, a nutraceutical startup, on Monday announced that it has got strategic investment from superstar Mahesh Babu’s firm, GMB Entertainment. The company declined to disclose the amount.
Fitday, which has a presence in over 10,000 stores, claims to have established a strong foundation in the retail market. Mahesh Babu’s investment will help amplify Fitday’s retail footprint and support its expansion into new markets.
They added that “Mahesh Babu’s involvement brings increased credibility and visibility to Fitday, attracting a wider audience and driving potential growth in a competitive market.”
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Driven by a shift in consumer behaviour, India’s nutraceutical sector has seen significant growth. A report by Avendus has forecasted that India is the fastest growing health food market, expanding at 20 per cent CAGR ,which is 3x the global average. It is set to become a ₹2.5 lakh crore market opportunity by 2026. This growth is supported by rising health awareness, increasing disposable incomes, and favourable government policies.
According to a statement, expressing his enthusiasm about the partnership, Mahesh Babu has said, “Their (Fitday) commitment to innovation and quality deeply resonates with my values. I believe their new product line will set industry standards..”
Fitday’s Founder and CEO, Suresh Raju, added, “While we’ve received numerous investment proposals, we’ve been strategic in choosing the right opportunities, always prioritizing partnerships that align with our vision.”
Looking forward, Fitday plans to expand its product availability in national retail chains, educational institutions, corporates and through strategic partnerships to strengthen its position in the B2C market.
- Also read: VentureSoul Partners marks first close of ₹600 cr maiden fund
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Published on September 9, 2024
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