Fitspire is a health and wellness firm that serves over 15,000 pin codes across more than 27 Indian cities. Products from Fitspire are inspired by nature and supported by science. Products from Fitspire include vegan proteins, multivitamins, vitality, healthy snacking (bars and peanut butter), weight control, keto capsules, skincare, immunity items, and kids' multivitamin beverages. Fitspire also produces products for all age groups and health categories.
More about Fitspire
Fitspire is a brand established by 3 Co-founders. The idea behind Fitspire was to Make the best products for India. Earlier Vipen Jain generally used to purchase and consume health supplement products outside the country for certain distinguished factors. To provide genuine, high quality and variety of products the 3 Co-founders came ahead with the idea of startup Fitspire.
Some people are concerned about the ill effects of health supplements because of multiple reasons like lack of awareness for using the product properly, not being certified and buying the product from a local store that can sell a fake product. 33% of the Indian population suffer from lifestyle diseases like Blood pressure, diabetes, infertility in women, mental illness and cardiac issues. A deeper survey was then done for finding the solution to the illness and eventually it was found that nutritional deficiency was the main gap that the people of the new generation faced.
USP of Fitspire
The Indian vegan food market is being supported by the growth of the overall global vegan food market, which attained a value of USD 15.4 billion in 2020. The global vegan food market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 26%.
To fill the gap of natural deficiency Fitspire came up with a plan to offer non-harmful, chemical-free, more authentic and certified products having good taste. People usually opt for a natural or herbal product, just to differentiate Fitspire brought in vegan products. Vegan products don't have any side effects, are chemical free and the nutritional value is known to be higher in vegan products. It is also the first company in India as a family vegan health wellness brand. It is known to deliver products for 5-year-old up to 65-year-old person age criteria wise and they are catering to all health segments like general, sports, personal or sexual and child category for health wellness. Additionally, they provide vegan proteins, sports and nutrition products, multivitamins, keto capsules, immunity and vitality products and healthy snacks. Initially, they started as an eCommerce platform, and later on, they developed their own website and eventually they went to trade Modernly in the offline market.
Customer base of Fitspire
Fitspire is serving almost 15,000+ pin codes and 50+ big chain associations offline and online. They have a customer ratio of 60:40 between males and females respectively. They have a 50,000 customer base presently and plan to touch 2,00,000 lakh lives by the end of the financial year.
Funds received and Utilization by Fitspire
Vipen Jain states “With 3 rounds of seed funding we are almost at a valuation of 100crores. For vegan products, the biggest challenge that we faced was the taste factor, upon which we worked. Various formulations and testing in factories, family members and customers were the places where funds had been used. Presently Fitspire has undergone more than 20 testings and has more than 50,000 customers. 3 rounds of funds were raised by them and Initially, Sukhbir Singh did the first round of funding with a micro VC firm called Startup Buddy. The second round of funding was received from a bunch of international investors and the Third round happened in March 2022 and the investor was from Oman. Furthermore, funds were utilized for building up the right team for Fitspire, Increasing the product portfolio and Brand building.
Piece of learning
Vipen Jain states “A vegan diet helps in protecting the environment and it is not harmful. Covid -19 Has played a vital role as it has made encouraged everyone to be mentally prepared to work on their well-being and immunity. People who were more lethargic have become more active just because of the pandemic situation. 76% of the lazy people have moved towards being active. Customers are very very important and do listen to their feedback.”
According to a YouGov survey, 65 percent of Indians plan to eat more plant-based/vegan foods in the new year, according to a survey of 1033 adults. India ranks third in the world, behind only the US and UK. Plant-based eating appears to be growing in popularity in India, with the YouGov survey reporting that more than 60 percent of Indians view plant-based diets positively compared to two years ago. Fitspire’s products will be a great addition in day to day life for vegans majorly.
(Edited by Elvis Almeida)