Industry

Inner Being Wellness plans to raise $2 million

Nutritional food products firm Inner Being Wellness plans to raise $2 million (about ₹13 crore) to fund its expansion plans, which include adding to the product range and making a foray into new markets.

About ₹4 crore has so far been invested, including ₹2 crore seed funding by the promoters, in the three-year old firm. The Hyderabad-headquartered firm is the first to incubate with the a-IDEA technology business incubator in the Centre for Agri-Innovation at the National Academy of Agricultural Research Management (NAARM).

Stake dilution

In the next nine months, the firm plans to $2 million through diluting 12-15% stake, director C.S. Jadhav said, adding the funds will be used for product development, particularly innovative products, as well as for strengthening marketing activities.

Speaking to the media, Mr. Jadhav said the range now comprised 15 quinoa, millets and value-added millet-based products such as Jowar idli rava, flakes, pongal mix, ragi vermicelli and cookies.

Besides NAARM, with whom it works for procurement, Inner Being Wellness partners with the Indian Institute of Millet Research for food processing and development of value-added products, and the Indian Dietician Association. It is developing a health and nutrition mobile app with C-DAC, he said.

Noting that the setting up of a processing unit in the next 3-4 years was also under consideration, Mr. Jadhav said that by March, the company wanted to take its products to Bengaluru, Chennai and Mumbai. It later plans to foray into more cities, including Pune and Delhi.

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Printable version | Jun 3, 2020 7:52:38 AM | https://www.thehindu.com/business/Industry/inner-being-wellness-plans-to-raise-2-million/article19896709.ece

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