Twenty Indian nutraceutical firms have received total funding of more than $22 million at a recently held industry summit in Mumbai, the organisers said.
More than 15 countries participated in the summit and these seed deals are expected to evolve into $2 billion by the year 2025 said Amit Srivatsava, Chief Catalyst, Nutrify Today which organised the summit.
Members of UAE royal family and a special delegation from Australia were present at the event, he said. Euro Alliance Switzerland announced an investment of $7 million, Cepham incorporated USA announced $5 million investment in Ayush R&D modernisation and commercialisation, he added
“Five decades ago it was pharma, three decades ago it was IT, now is the time for the third hi-tech revolution -Nutraceuticals. Mr. Srivastava said.
Elaborating on one of the main challenges, he said, “As the industry is growing in India, there was an identified deficit of 1,60,000, in the form of human resources and this needs to be bridged.”