The company announced they are providing industry knowledge and financial opportunities by working with venture grants programs in the government of India and providing venture capital for start-ups and mid-sized nutraceutical companies.
Nutrify India is assisting innovators through an initiative that helps develop quality products, provide go-to-market strategies and guidance on commercialization, as well as market access. Based in Mumbai, India, the company is helping several international companies enter India with regulatory clearances for their product launch.
“Since its inception in February 2020, we have successfully developed nutra innovations totaling over USD $8 million, making an average monthly commercialization value of USD$1 million,” said Amit Shrivastava, Nutrify India chief catalyst for responsible nutrition business. “We took two Indian companies to the US, and also brought one US, and two Swiss companies to India with marketplace access.”
The company pointed to India-based Esperer Onco Nutrition as a shining example. Nutrify India helped fundraise, organize clinical trials, shape their product offerings, ultimately launch the company and are now taking them to key global markets.
The nutraceutical platform caters to the company's distinctive needs for market strategies and said they discourage following trends, as trend followers often fade away quickly, according to Shrivastava.
“As an example, Esperer Onco Nutrition is focused on Indian gut-specific cancer nutrition products to address cachexia. It is something different and the market landscape is not as competitive,” said Shrivastava. “I would not spend time with start-ups who are heavily involved in hot demand categories with their 'me too' formulas.”
The formula to success
“I always guide nutra start-ups in India entering the US to treat the market as modular. Perfect the business in one module and then go to the next module, and with this approach, I have seen two success stories in one year. The concept of modular certainly nullifies the thought of overnight success. It should be a three-year focused plan to see a qualitative return," explained Shrivastava.
“The market has been polarized from aspirational nutrition to preventive nutrition driven by fear. The categories that have seen maximum growth are immunity and weight management with reference to lifestyle diseases, diabetes care, as well as age-related nutrition, mostly centered around systemic needs like antioxidants and gut health,” observed Shrivastava.
He added that in India, the growth of herb-based nutritional products have skyrocketed to as much as 80% in some cases. In about a year, growth is expected to stabilize at around 22% per annum.
“That is an excellent number when compared to the 12% growth pre-pandemic,” said Shrivastava.
“The nutraceutical hub of the world”
Shrivastava said Nutrify India aspires to make the world healthier by guiding nutraceutical innovators to reach their maximum potential.
“I am seeking to deliver 20 successful responsible nutrition business start-ups in 2021,” said Shrivastava. “While building capacity in what I call high-tech nutraceuticals, I envision India becoming the nutraceutical hub of the world.”