The investors include Ashutosh Valani and Priyank Shah, the co-founders of Beardo, who had recently sold their company to Marico, family office of Nikhil Gandhi, TikTok India CEO, and well known angel investors Harsh Vardhan Bhandari and Jeenendra Bhandari.
“The investors have bought a minority stake in the startup. The funds would be utilised to launch new products, scale up its existing product volumes and to acquire talent,” said a person aware of the development.
The investment values the startup anywhere around Rs 100 crore, said another person with direct knowledge of the matter. An email query to Wellbeing, Valani and Shah did not elicit any response. Bhandari refused to comment on the story.
A spokesperson for Gandhi Investments Pvt. Ltd, the family office of the TikTok India head, responding to an ET query said, “We refrain from divulging any details on our family investments. You may connect with Wellbeing Nutrition for more details. But we can confirm we have made the investment.”
Wellbeing Nutrition, which launched its first product in September 2019, operates on top online and offline channels and sold across 600 offline stores as per the company website.
Founded by Chhabria, Wellbeing Nutrition creates combinations of multivitamins, super foods and antioxidant foods for a healthier lifestyle. The company has grown at about 45% monthly CAGR over the last 12 months, said one of the persons close to the development.
The investment comes at a time when many well known angel investors are looking at trends amidst Covid pandemic. Since March this year while most startups have struggled, some niche ones have managed to attract investors.
In March this year Marico had invested 45% stake in Zed Lifestyle, a male grooming firm for an undisclosed sum in an effort to widen its portfolio with niche and high margin products.
Zed Lifestyle Private, founded in June 2016, owns and sells a range of products under ‘Beardo’ brand in categories such as oil, wax and balm for beards as well as scalp, hair, face and skin products, ET reported on March 17.
In July this year, Marico completely acquired Beardo. Most of the angel investors are looking out for deals that could not only fetch them growth but also that show resilience during the Covid pandemic, said industry trackers.