Maheshwari Investors Pvt Ltd, MGB Advisors, and Atmos Finance are joining the pharmaceutical company ACG-Capsules in securing Rs 25 crore (roughly $3 million) in debt funding for the direct-to-consumer health and wellness startup Wellbeing Nutrition.
In order to raise Rs 25 crore, or $3 million, the board of Wellbeing Nutrition passed a special resolution to issue 2,500 optionally convertible debentures (OCDs) at an issue price of Rs 1,00,000 each, according to its regulatory filing obtained from the Registrar of Companies (RoC).
Atmos Finance, Maheshwari Investors, and MGB Advisors will each contribute Rs 5 crore, with ACG leading the round with an investment of Rs 10 crore. Files state that the company will use these monies for capital and working capital expenditures as well as other general business operations.
Avnish Chhabria founded Wellbeing Nutrition, a whole-food nutrition business that focuses on plant-based ingredients to support general health. Solutions for headaches, gut health, hair loss, sleep, everyday wellness, and skincare are all part of its product line.
The media reports that the direct-to-consumer business has raised nearly $14 million so far, including a $10 million Series B round from Hindustan Unilever (HUL) and Fireside Ventures in December 2022.
During the fiscal year that concluded in March 2024, Wellbeing Nutrition recorded operating revenue of Rs 70 crore, but also experienced a loss of Rs 32 crore.
