Back News / Consumer focused VC fund Sixth Sense puts Rs. 15 crore in Fullife Healthcare
Consumer focused VC fund Sixth Sense puts Rs. 15 crore in Fullife HealthcareJune 21, 2018
Marking its first investment in the nutrition and healthcare space, consumer focused venture capital fund, Sixth Sense Ventures has invested about $2 million (between Rs. 10-15 crore) in Fullife Healthcare which sells sports nutrition supplements. The investment will see Sixth Sense pick up a 10% stake in the 5-year-old company which also counts veteran market investor Rakesh Jhunjhunwala as its angel investor. Jhunjhunwala had invested about Rs. 25-30 crore in the firm about 3 years ago.
Founded by Satish Khanna, the former group president of healthcare firm Lupin, Fullife Healthcare sells sports nutrition supplements with a focus on innovative delivery patented formats.
The firm sells its products across 20 countries and has been scaling its growth in India in the emerging ‘active life’ segment under the brand ‘Fast & Up’. “Fullife is among the first players in the nascent category of sports nutrition i in India. While globally the market is about $45 billion, in India it is less than $400 million. The capability to be a first mover in such a market offers Fullife the opportunity to grow to an Rs. 500-700-crore business over the next 3 years,” said Nikhil Vora, CEO of Sixth Sense Ventures.
Post this investment, the promoters along with Rakesh Jhunjhunwala and Sixth Sense Ventures will be the lead shareholders in the firm. Currently, non-Indian markets form the bulk of Fullife Healthcare’s revenues with products being marketed globally. However, the firm has also been building its distribution channels in India through nutrition shops and organised pharma chains to enable steady supply of its products here.
This will aid the firm to reach its target revenue of Rs. 75-80 crore in FY19 having clocked about Rs. 50 crore in FY18. Currently, products under Fast & Up are being used by the Indian Cricket team even as the firm has begun approaching global soccer leagues for usage of its supplements.