File photo of actor Mahesh Babu.
| Photo Credit: RAMAKRISHNA G
Actor Mahesh Babu has made a strategic investment in nutraceutical startup Fitday through his firm GMB Entertainment.
The investment will help amplify Fitday’s retail footprint and support its expansion into new markets, the startup – which now has presence in over 10,000 stores – said in a release on Monday (September 9, 2024).
“Mahesh Babu’s involvement brings increased credibility and visibility to Fitday, attracting a wider audience and driving potential growth in a competitive market,” it said, without disclosing the investment.
Fitday plans to expand its product availability in national retail chains, educational institutions, corporates and through strategic partnerships to strengthen its position in the B2C market. “We’re grateful to have earned the trust of superstar Mahesh Babu. While we’ve received numerous investment proposals, we’ve been strategic in choosing the right opportunities, always prioritising partnerships that align with our vision,” founder and CEO Suresh Raju said.
“This investment reflects my strong belief in their vision and ability to impact health and wellness across India. I believe their new product line will set industry standards,” Mr. Babu said, appreciating the startup’s commitment to innovation and quality.
Significant growth in India’s nutraceutical sector
Fitday said India’s nutraceutical sector has seen significant growth, driven by a shift in consumer behaviour. It cited a report by Avendus that said India is the fastest growing health food market, expanding at 20 per cent CAGR, which is thrice the global average and set to become a ₹2.5 lakh crore market opportunity by 2026. Rising health awareness, increasing disposable incomes and favourable government policies will be key drivers of the growth.
Published – September 09, 2024 04:24 pm IST
