Funds will be used for product development, brand-building, business expansion
Digital-first wellness brand What’s Up Wellness has announced raising an undisclosed amount from a clutch of investors in their maiden angel fundraising round. Prior to this, the startup was bootstrapped. They will be utilising the amount raised through this round for team-building, scaling-up R&D, strategic product development to launch new product categories and towards furthering their brand-building efforts.
The funding round was led by Puneet Sehgal, ex-COO Hopscotch; Sahil Kukreja, Director, The Butternut Co.; Ritika Jaisinghani, Founder, Elaa; Maharshi Ganatra, Partner, MGA; and Ritesh Ritolia, MD & Partner, Boston Consulting Group. The round also saw participation from the founders of industry-leading consumer brands such as Soumya Kant, Co-Founder, Clovia; Deep Bajaj and Mohit Bajaj, Co-Founders of Sirona Hygiene; among other prominent investors.
What’s Up Wellness has introduced a nutrition filler in the form of gummies that has multiple benefits. As of today, What’s Up Wellness has launched two flagship products – What’s Up Beauty Gummies for hair, skin, and nails and What’s Up Sleep Gummies with muscle recovery and nerve relaxation.
The company soon plans to move into other categories as well, and has three other products in the pipeline slated for launch in the next 3 months, which shall include stress-relief gummies and kids multi-vitamin gummies. Moreover, by the 2nd half of the coming year, they plan to move into 2 more product categories – where their underlying brand mission will remain the same – to ensure that the products should not take more than 15 seconds of one’s time to be consumed!
The brand currently stands at an Annual Recurring Revenue (ARR) of Rs 5 crore and aims to grow it to over Rs 12 crore over the next six months, with 5 new product launches planned. They are also on path to increase their customer base to 2 lakh users from the current 40,000 users by 2023 end.