3one4 Capital, AngelList India and others lead pre-seed investment in Habbit Health to develop a highly innovative global nutrition-tech brand
The spend on nutrition, healthy foods, functional foods and supplements is expected to quadruple to over US$ 50 billion in the next decade, growing at 17% CAGR. Rapidly rising awareness about the importance of good nutrition is accelerating this trend in the top 10% of the population which accounts for over 40% of Indian consumption.
- (1888PressRelease) August 28, 2020 - Habbit Health and Nutrition Pvt Ltd, announced today that it has raised an undisclosed amount as a pre-seed investment from top global investors. VC firm 3one4 Capital and Utsav Somani of AngelList India led the round. Singapore based RB Investments, early stage investors Better Capital and First Cheque and multiple other well-known angel investors from around the world participated via AngelList. With rising per capita incomes, preventive healthcare market in India is expected to be over US$100 billion in 2022. The spend on nutrition, healthy foods, functional foods and supplements is expected to quadruple to over US$ 50 billion in the next decade, growing at 17% CAGR. Rapidly rising awareness about the importance of good nutrition is accelerating this trend in the top 10% of the population which accounts for over 40% of Indian consumption.
Explaining his rationale behind the investment, Utsav Somani, Partner at AngelList India, said, “Health and wellness is the growth sector of the future. The Covid Pandemic has made everyone realize that good nutrition is a must have and not just for those who work-out. We are seeing lots of products and brands create clutter, without any differentiation. However, the products, brand positioning and customer love demonstrated by the Habbit team are a standout. We are happy to back them early in their mission to create a global leader in health and nutrition.”
On their decision to invest, Anurag Ramdasan, Principal at 3one4 Capital, said, “The combination of deep product IP, unique brand experience in a large growing market and the extensive use of technology throughout the value chain, makes Habbit different from a regular niche D2C brand. The team with their stellar credentials is a prime contender to scale rapidly, raise the bar and deliver audacious results. Something that we at 3one4 capital live by.”
Sharing the organizational vision, Dhruv Bhushan, Co-Founder & CEO, said, “Lifestyle diseases with their origin in poor nutrition are today’s biggest health concern. Still, there has been little innovation in the consumption category, making it irrelevant for an increasingly health aware audience. Habbit uses modern science and technologies to disrupt these with healthier alternatives, without needing to change user behaviour and still maintaining the same taste. Our IP and technology make us best suited to scale rapidly and capture a slice of this over US$100 billion opportunity. We are proud to have forward-thinking investors around the world supporting our long-term vision and ambitions, even before our launch.”
Added, Dev Kabir Malik, Co-Founder & Chief Brand Officer, “Most conversations around health are exercise and goal oriented. Brands are currently very product centric and positioned to target those who are highly involved in fitness. They are thus never able to create large scale impact. We believe that health is a lifestyle and that nutrition is the first step in the health journey, for everyone. Consistency is key, as the benefits of small steps compound over time. Health really is a Habbit”
About Habbit: Founded by serial entrepreneur/angel investor Dhruv Bhushan and leading brand consultant Dev Kabir Malik, Habbit is a global nutrition-tech company that applies modern science to help consumers be healthier through a range of proprietary foods & digital ecosystem. Based on path breaking global research, Habbit products are formulated using only modern natural ingredients, and make everyday nutrition simple, enjoyable and rewarding. Through alternate natural sources of proteins, fats and sugars, Habbit is making every consumable item as healthy as possible, without compromising on the taste. It will be launching in a phased manner, a wide portfolio of personalised products - from natural proteins for everyday use, to indulgent snacks, refreshing beverages and delightful ice creams. These products have already been tried and endorsed by thousands of top lifestyle, nutrition, health and fitness experts. A tech-led gamified health journey aims to make the digital Habbit experience the easiest for consumers to be healthy. By promoting health as a lifestyle and not a goal-oriented activity, it allows a vast majority of the population to be healthy, and does not cater only to the fitness enthusiasts. In doing so, Habbit aims to build an innovative global FMCG company for the future which leverages technology to deliver the pinnacle of customer experience.
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