Sixth Sense Ventures will make an investment in Sports Nutrition company Fullife Healthcare.
Domestic consumer-centric venture fund Sixth Sense Ventures’ Nikhil Vora has joined India’s ace investor Rakesh Jhunjunwala as co-investor in former Lupin president Satish Khanna’s Fulllife Healthcare, a Mumbai-based nutrition company focused on the fastgrowing preventive healthcare and active living segment.
After the transaction, the three lead shareholders — the Khanna family, Jhunjunwala and Sixth Sense — will be promoters in the company. Sixth Sense will own a stake of around 10% in the company. Its first fund Sixth Sense India Opportunities-I has completed 10 investments, while it has closed two investments from the second fund so far.
Founded by Satish Khanna, the former group president of healthcare firm Lupin, Fullife Healthcare sells sports nutrition supplements with a focus on innovative delivery patented formats.
The firm sells its products across 20 countries and has been scaling its growth in India in the emerging ‘active life’ segment under the brand ‘Fast & Up’. “Fullife is among the first players in the nascent category of sports nutrition in India. While globally the market is about $45 billion, in India it is less than $400 million. The capability to be a first mover in such a market offers Fullife the opportunity to grow to a ₹500-700-crore business over the next 3 years,” said Nikhil Vora, CEO of Sixth Sense Ventures.
Post this investment, the promoters along with Rakesh Jhunjhunwala and Sixth Sense Ventures will be the lead shareholders in the firm. Currently, non-Indian markets form the bulk of Fullife Healthcare’s revenues with products being marketed globally. However, the firm has also been building its distribution channels in India through nutrition shops and organised pharma chains to enable steady supply of its products here.
This will aid the firm to reach its target revenue of ₹75-80 crore in FY19 having clocked about ₹50 crore in FY18. Currently, products under Fast & Up are being used by the Indian Cricket team even as the firm has begun approaching global soccer leagues for usage of its supplements.
Sixth Sense Ventures has invested around $3 million in Fullife Healthcare.