Innovcare Lifesciences Pvt. Ltd, a Mumbai-based startup has raised Rs 45 crore ($6.4 million) from JM Financial Private Equity. Existing investors also participated in the funding round.
Founded in 2014 by Lalit K. Wadhawan, Dipin Varma, Chandan Rajmane and Vijay Dubey, Innovcare, a nutraceutical company is expected to use the fund for expansion and augment its product portfolio.
Responding to the development, Darius Pandole, Managing Director and CEO of JM Financial, said, “We believe the nutraceuticals sector in India is rapidly evolving to appeal to a larger and broader customer base due to rising consumer awareness and increased focus on health and wellness.”
Innovcare which claims to have 15 brands, sells branded nutraceuticals, cosmeceuticals and dietary supplements across India. It had raised $1.37 million from Sequoia Capital India in 2014.
The healthtech company also develops solutions in areas of orthopedic, gynecology and pain management therapeutic segment.
The Indian nutraceuticals market is estimated to grow at a CAGR of 21 percent from $4 billion in 2017 to $10 billion by 2022, as per industry body Assocham and market research firm MRSS.