The startup produces world’s first Lauric enhanced coconut shots
Hyderabad-based startup Laurik has raised a funding amount of Rs 37 million while just in its ideation stage. Laurik is also one of the 100 brands in the world and second Nutraceutical brand in India to be awarded with the Clean Label Certification from the Clean Label Project™.
Founded in 2020, Laurik produces the world’s first Lauric enhanced coconut shots. It extracts this element from the premium quality coconuts and combines it with over 26 whole-food-sourced vitamins, minerals, superfoods, and probiotics in one shot. These shots are made employing an age-old Ayurvedic concept developed after 24 months of extensive scientific research by top scientists from across the globe. The startup has also filed for over 12 formulation patents this year.
The funding round was led by marquee investors like Murthy Aradhi, co-founder at FastCollab and Lakshmikant PB, Director of Finance at Antler, an early-stage venture capital firm. Laurik’s unique product has also received recognition from the Telangana government and T-Hub as they recently provided the startup with a fund through the T-Fund program.
The Indian market for plant-based nutraceuticals is witnessing robust growth following the outbreak of the COVID-19. Indian nutraceuticals market is expected to grow at a CAGR of 15% in the forecast period of 2022-2027. The startup aims to capture this growing market and use these funds primarily to strengthen research and development, expand the team size and scale its go-to-market operations. It will also use the funds for marketing its products and launching new product categories in the coming months.