Nutrabay, a direct-to-consumer (D2C) sports nutrition retailer, has bagged $5 million in a series A funding round led by RPSG Capital Ventures. This is as per a report by the Economic Times.
The funding round saw the participation of Kotak Alternate Asset Managers Limited.
The funds will reportedly be used to to expand its omnichannel presence and drive product innovation, the company said.
The company also aims to develop a horizontal brand spanning three categories: Sports nutrition, vitamins, minerals, and supplements (VMS); and health food and drinks.
Shreyans Jain, founder of Nutrabay, said, "We started Nutrabay with a vision to provide high quality nutrition products to consumers to help them achieve holistic nutrition. We are thrilled to garner support from RPSG and Kotak PE, and excited to leverage this partnership to drive our next phase of growth", reported Economic Times.
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Abhishek Goenka, managing partner at RPSG Capital Ventures., said, "We have strong conviction in nutrition, health and wellness as a space and have constantly backed companies in this category such as Plix and True Elements. We have seen sports nutrition growing beyond metros and high incoming demand from tier 2 and beyond markets as well", reported Economic Times.
Nutrabay was founded in 2017 and operates as a D2C multi-brand retail store, offering products from over 100 brands alongside its own private label under the Nutrabay name.
The products are sold on its D2 Website, various e-commerce platforms, and in offline supplement stores.
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The brand currently has over 70 products and saw an 80% growth in the fiscal year 2024 compared to the previous year.
Nutrabay competes with HealthKart, HyugaLife, among others in this category.
The company aims to introduce more than 50 new products by the next fiscal year.
