Pratech Brands, an online retailer for Health & Home products, is planning to raise up to $10 million in the next 12 months to fund expansion, a top executive said.
“We will hit the market for the next round of about $7-10 million by the end of 2022,” said Sachin Parikh, CEO, Pratech Brands.
Majority of the funds to be raised will be used to build a platform called Hyugalife and for team expansion, he said.
“For Hyugalife, our multi-brand e-commerce platform for health and wellness, the key focus will be to grow the SKUs,” he said. Avni Shah, CEO, Hyugalife said the core focus would be to build this category and to help widen the acceptance of health supplements across India.
“We have onboarded over 100 brands across Sports Nutrition, Health Supplements, Herbal Supplements, Women’s Wellness, Kids Nutrition, and Weight Management and are adding more,” she said.
According to Mr. Parikh, the start-up would also strengthen the product offering within its existing brands such as Tesora and Inaari and drive deeper into the market.
Recently, the company had introduced the Tesora range of products such as air fryers, air ovens and bladeless fans, which have found acceptance in the market.
“It is heartening to see the appetite of the Indian consumer to spend on aspirational products. With an addressable market size of $10 billion for Home and Kitchen, we are keenly looking to launch more innovative products,” said Neehar Modi, CEO of Tesora.
