Welly Raises $400,000 In Seed Round The funds will be utilized to expand the product portfolio, increase the customer base and grow the team
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New Delhi-based health and wellness brand, Welly, has raised $400,000 in a Seed round from Anthill Ventures. The funds raised will be utilized by Welly to expand the product portfolio, increase the customer base and grow the team among others.
This round saw participation from Roshan Abbas, prominent angel investor and Allu Sneha Reddy.
"In an increasingly competitive environment, Welly stands out with its excellent product, unique formulations and great unit economics. Furthermore, their focus on the burgeoning sleep science ecosystem sets them as leaders in a massive and relatively untapped market. Anthill is proud to support Welly," said Kabir Kochhar, partner Anthill Ventures.
"We are excited to be the only gummy brand to receive institutional funding within six months from launch. With this round, we plan to grow our team and expand our product offerings within the nutraceutical space. I am proud of what we've achieved in such a short span of time with a small team and only three products. The support from Anthill Ventures will now help us scale exponentially," said Urvi Raghbeer, founder and CEO at Welly.
This category has received a lot of traction lately as health and wellness has become important for consumers post Covid. As per research, The Indian Dietary Supplement market is a $3.9 billion opportunity, with the vitamins and minerals category making up for 40 per cent of it, estimating it at a $1.5 billion market size, said a statement.