ET Startup Awards 2019: Fit & Glow Healthcare is the 'Bootstrap Champ'
From offering nutrition and dietary supplements, the company now has four gentlecare and chemical-free brands of cosmetics and beauty.
Founded in 2014 by Manish and Karan Chowdhary along with Ashwin and Arvind Sokke, the four former digital marketers spotted the opportunity of building brands in the beauty and wellness market with a differentiated positioning. From offering nutrition and dietary supplements, the company now has four gentlecare and chemical-free brands of cosmetics and beauty — WOW, Nutrava, Body Cupid and Shaving Station — with more than 150 products under those.
“We are thrilled to be receiving this award. We thank the esteemed jury of business leaders for having chosen us,” Manish Chowdhary told ET. “Bootstrapping our business and seeing it grow this way has left us with the sense that we have the power to control our destiny.”
The company insists on certification of raw-material providers to ensure quality, and creates products based on scientific research on top of traditional herbal recipes. These products are mostly sold online through Amazon, Flipkart, BigBasket and Nykaa apart from its own website, BuyWow. In the US, the products are sold online through Amazon and Walmart, and are expected to be available in Walmart’s physical stores by early January 2020.
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“We had complete consensus on the Bootstrap Champ category. Having a consumer company grow so quickly — from Rs 53 crore to Rs 142 crore — turn profitable and get brand recognition is quite difficult in India. Some people talked about their distribution being very focused on Amazon and Flipkart; my take was that Oyo was started with distribution on MakeMyTrip and ClearTrip, among others. It doesn’t matter, the product has to be great,” said Ritesh Agarwal, the founder of Oyo Hotels & Homes and a jury member.
“Bootstrapping helped us learn new ways of doing business. It was not about cutting costs; we worked on being cost effective and business efficient. There was a discipline in capital deployment,” said Chowdhary.
The company claims to have posted revenue of Rs 142 crore in FY 2018-19, up from Rs 53 crore in FY 2017-18. Fit & Glow is now aiming to clock Rs 250 crore in FY20.
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