HyugaLife’s parent Pratech Brands raised $6.3 M Seed funding from Stride Ventures, others
Spring Marketing Capital and Stride Ventures led a seed funding round that brought in Rs 52 crore, or $6.3 million, for Pratech Brands, the parent company of HyugaLife and a digital-first retailer. Among others, Peak XV Partners’ Surge Ventures participated in the round.
A special resolution to issue 21,77,817 Seed compulsory convertible preference shares (Seed CCPS) at an issue price of Rs 168.15 per share for a consideration of Rs 36.62 crore, or $4.4 million, has been approved by the Pratech Brands board. According to the company’s regulatory filings with the Registrar of Companies, in a separate resolution, the company also issued 1,500 non-convertible debentures (NCDs) at Rs 1,00,000 each and 29,735 partly paid CCPS at Rs 168.15 per share to Stride Ventures in order to raise Rs 15.5 crore.
Leading the funding round with investments of Rs 15.5 crore and Rs 12.5 crore, respectively, were Stride Venture and Spring Marketing Capital. Subsequently, Surge Ventures contributed an additional 10 crore.
The remaining amount was invested by Oorumane Mercantile, Patni Wealth Advisors, Eco Power Systems, AS Desaai Consultants, AMD Consultancy Services, and individuals Nihir Parikh, Dhaval Parikh, Sandhya Shah, Rohan Mehta, Suhagi Parikh, Nimish Shah, Prakash Shah, Nitesh Jha, Simraan Teckchandani, Priya Ujgaonkar, and Karan Jindal.
Finding customer needs and creating consumer brands is how Pratech Brands, a tech-first company, focuses on home and health-related products.
In January, Getvantage and Stride Ventures contributed $1 million to the health and wellness brand HyugaLife. Indian cricketer K L Rahul and actress Katrina Kaif are also supporters of the brand.
To put things in perspective, Pratech Brands Private Limited is the parent company of both Hyuga Health & Wellness Private Limited and Hyuga Ecommerce Ventures Private Limited, under which HyugaLife is operated.
Furthermore, Pratech Brands is the owner of Neesan Ventures and Inaari, a natural healthcare brand for female hormones.
The company’s promoters, Neehar Modi, Sandhya Shah, Sachin Parikh, Shruti Parikh, and Anvi Shah, now own more than 52% of the business after the recent capital infusion. Spring Marketing Capital owns a 9.4% stake in the business, while Surge Ventures holds an 18.6% stake.
