Funds will be utilised for store expansion, strengthening their highly profitable private label brands
Wellness Forever raised Rs 1.3 billion from Allana Group, Adar Poonawalla. Existing investors include banker and renowned investor Rajiv Dadlani and venture capitalist Sajid Fazalbhoy. The company is promoted by Gulshan Bakhtiani, Ashraf Biran and Mohan Chavan.
Funds will be utilised for store expansion, strengthening their highly profitable private label brands which are under its 100 per cent subsidiary Amore which focusses on wellness and health products and invest more in e-commerce. The company has an existing online to offline strategy via omni-channel, hyper local delivery which it plans to leverage off E-commerce and Tele-commerce which is already growing into a large part of the company’s sales mix.
Wellness Forever has hired JM Financial for a secondary share sale for early investors and for pre IPO preparations. The company is on track to achieve sales of around Rs 4,000 crores in the next three to four years with a 1,000 store count across the country.
The company saw investor interest from several reputed private equity funds but decided to go with existing investors given their tremendous expertise in FMCG, Retail and Pharma.
Gulshan Bhaktiani, Founder & Director Wellness Forever said, “We are happy with the support and trust that our investors have shown in us. Moreover, we are grateful to our customers who have shown trust in our services which has helped us in expanding our network. With this round of funding, we plan to strengthen our private labels that have gained popularity over the years. We will continue to add more retail stores and reach out to our customers not just through brick and mortar outlets but also through online channels.”
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, and lead investor in the company, said “We are very impressed with their growth, profitability, capital allocation, vision and ethics. The promoters having a collective experience of over 100 years, of operating profitable pharmacies, along with their management team, have done a splendid job and the company enjoys amongst the highest operating metrics and productivity, in the entire retail space. Given their impressive track record and company’s vision, we continue to partake as long-term investors, and support them in their amazing journey, and next phase of growth.”