Suwasthi raises Rs 2 Cr from Velocity
Premium health and nutrition brand Suwasthi has raised Rs 2 crore from the revenue-based financing platform Velocity. This round of raises will be deployed towards working capital for Suwasthi.
Started in 2017 by Kunwar Singh, Suwasthi started in the beauty and personal care segment and has since then pivoted to provide healthcare solutions to people with diabetes.
The D2C brand claims to reach an annual revenue run rate of Rs 2 crore by the financial year 2019. Post-Covid Suwasthi decided to launch its website and in the same financial year, clocked a revenue of Rs 6 crore.
Velocity.in, a Bengaluru-based fintech, offers revenue-based financing at an interest rate of 4-8% as a replacement for VC funds and traditional bank debt for Indian e-commerce businesses.
Since commencing operations in early 2020, the firm has worked with over 2,500 e-commerce businesses. With Rs 3,300 crore of fundable revenues connected to Velocity’s platform, the fintech has already processed over 1,000 D2C investments. Its portfolio companies include Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience and Setu among others.
Velocity also raised $30 million in 2021 across seed and Series A rounds from Peter Thiel’s Valar Ventures and others.
Start your day, the smart way!
1 Mail | 2 Mins | 3 Stories