Wellness Forever announced that it has raised Rs 130 Cr in funding led by UAE-based Allana Group and Serum Institute CEO Adar Poonawalla. Existing investors including banker and renowned investor Rajiv Dadlani and venture capitalist Sajid Fazalbhoy also participated in this round.
Gulshan Bhaktiani, Founder and Director, said, "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.”
According to the official statement, funds will be utilised for store expansion, strengthening their highly profitable private label brands which are under its 100 percent subsidiary Amore — which focuses on wellness and health products and invests more in ecommerce. The company has an existing online-to-offline strategy via omni-channel, hyperlocal delivery which it plans to leverage off ecommerce and tele-commerce. The company already claims to be inculcating them into its sales mix.