Wellcurve Raises $600,000 In Seed Round
Along with vertical and horizontal category expansion, Wellcurve plans to use the funds to launch its app by the end of this year and they are looking to further expand the network of experts on its platform
The brand Wellcurve on Tuesday announced that it has raised $600,000 Seed fund from nine independent investors most of whom are Harvard alumni.
Along with vertical and horizontal category expansion, Wellcurve plans to utilize funds to launch its app by the end of this year and is looking to further expand the network of experts on the platform.
Wellcurve began operations in 2020 to simplify healthier lifestyles for users.
“A business idea built on passion, personal struggles, and untapped opportunity, Wellcurve never checked the usual investor and industry norms. Neither we had a co-founder with a degree from IITs and IIMs of the country, nor did we have an ex-e-commerce expert as part of our founding team. With a lot of clutter in the market, we always wanted to differentiate ourselves and the same was reflected in our company culture and processes. While looking for the core team and initial members our mindset was always to go for people who were passionate about this industry and who really had this desire to be a part of a startup growth story. The same ideology is reflected in our catalog, marketing choices, and content pieces. We had a steep learning curve but having experienced the industry from a fresh perspective has helped us to reach where we are at today,” mentioned Nikhil Mehra, founder, Wellcurve.
In the last 12 months, the company went from 90 to more than 9,000 orders every month with an average order value close to INR 1,200 for repeat customers.
Wellcurve is a platform that inspires and assists people to adapt to a healthier lifestyle by bringing together a community of like-minded individuals. They do this through the integration of content and commerce, providing users an ecosystem to discover information, shop for healthier food alternatives, find healthy recipes and engage with health experts, nutritionists, fitness enthusiasts, and home chefs.
“With changing consumer habits, platform trust plays a very important role in the growth of a company. We have already seen an increase in platform familiarity and trust in repeat purchases. To further enhance the same, Wellcurve now has a team of 35 nutritionists, doctors, and dieticians who help the brand in curating guided product recommendations and drive its content on social media platforms. Since many of our products are still new to Indian consumers, we have created a network of home chefs who help us in creating healthy and delicious recipes, hence assisting users with the application of products. We are building an ecosystem to simplify a healthier lifestyle by catering to all stages of consumer buying behavior,” said Sarthak Vij, head of marketing and content, Wellcurve.
Wellcurve has started to see an increase of 30 per cent in the number of repeat purchases every month. They have grown tenfold over the last 6 months and are now one of the top 3 sellers for 5 brands on their platform, ahead of some unicorns in the vertical e-commerce space. Their revenue has grown from INR 40,000 a month to INR 8 million a month and aims to reach an annual recurring revenue (ARR) of 100 crore in 2022.
“Breaking Free from the clutter and providing users an easy-to-navigate experience has been our focus while building the category. We currently have a curated range of over 1000 stock-keeping units (SKUs) from more than 90 brands on our platform. We do not follow the usual marketplace practice of just listing products but follow an inventory-led procurement model which gives us greater control at our warehouse and we are able to serve our customers better. Starting with packaged healthy food alternatives, we are now looking to expand into fresh foods, increase our category depth and launch our own private label in the next 6 months,” added the head of category, Wellcurve.