A direct-to-consumer brand, The Good Bug, focused on gut health, has secured $3.5 million in Series A funding, led by Fireside Ventures, an early-stage consumer sector-focused venture capital fund.
According to the company, the brand makes various probiotics for specific health concerns. The firm was founded by Prabhu Karthikeyan and Keshav Biyani, the nephew of retail magnate Kishore Biyani. It is backed by Biyani’s daughters Ashni and Avni’s Think9 Consumer Technologies, which offers support to build brands with its tech, data and marketing solutions.
The Series A, the company’s first institutional capital raising exercise, will help develop new products, expand its team and invest in brands, the company said.
Launched in 2022, the company makes USFDA-approved products for lifestyle chronic issues, such as bloating, constipation, metabolic health and weight loss through the gut. It claims to have 100,000+ customers. The company is looking to clock ₹250 crore in revenues within three years. “We aim to pioneer and expand the gut health category in India, which has been an unexplored segment. We are unravelling the same by helping people get to the root cause of core health issues and holistically solve it,” Keshav Biyani, the co-founder of The Good Bug, said. Biyani was the head of strategy and international business, Future Group, besides leading the home and personal care segment of the now defunct group.
Several venture capital-backed brands focusing on health and wellness have been launched in the last five years to help fill a void in the Indian D2C offering. “As consumers are getting more health-conscious and looking for safe and effective solutions with long term benefits; we see a huge potential for gut health. The Good Bug is at the forefront of this booming segment with their innovative and effective products,” said Ankur Khaitan, principal, Fireside Ventures. The firm is a consumer-sector focused venture capital fund.
The gut health industry is very nascent in India, though globally it is growing at a fast clip. According to research firm Market.us, the global digestive health market is estimated to be valued at $104.4 billion by 2032 and is expected to exhibit a CAGR of 8.2% during the forecast period 2023 to 2032. The g growing awareness regarding the importance of dietary supplements, probiotics, and functional foods is expected to drive the market.
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Updated: 17 Sep 2023, 11:20 PM IST
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