Pratech Brands raises USD 3 million led by Sequoia India’s Surge
Pratech Brands on Thursday announced USD 3 million seed funding led by Sequoia India’s `Surge’, to build a health and wellness e-commerce platform for multiple brands.
The new digital health platform ‘Hyugalife’ is positioning itself as one-stop destination for customers to consume educational content on wellbeing and nutrition, buy authentic products curated by renowned experts in health and wellness, and receive personalised and assisted shopping for customers who wish to know more about healthy living. “Pratech Brands raises USD 3 million led by Sequoia India’s Surge to launch Hyugalife – a disruptive digital health platform,” the company said in a statement.
Also read: Snapdeal Launches Beauty Brand “Miyuki” under its Power Brands Program
Surge is Sequoia Capital India’s rapid scale-up programme for startups in India and Southeast Asia. Surge combines USD 1 million to USD 2 million of seed capital with company-building workshops, a global curriculum and support from a community of strong mentors and founders. Hyugalife will host over 1,000 brands across categories, including women’s health, Ayurvedic and plant-based supplements, kids health, sports nutrition, vitamins, minerals and supplements, health foods among others.
Commenting on the development, Sachin Parikh, CEO Pratech Brands said, “We believe that the health category is at the start of a meteoric rise in consumption.” While preventive healthcare has recently gained momentum, there is still a long way to go in building conscious purchase in this category, he said. “We are thankful to Sequoia India’s Surge and our angel investors for their support in this journey,” Parikh added.
The recent pandemic has brought to light the consumers’ lack of awareness about holistic healthcare leading to a rise in demand for products that they believe are healthy. That said, driving awareness on true nutritional values will go a long way to create an informed buyer, the company said.
As overall health and well-being takes centerstage following Covid-19 and rising incidences of chronic diseases, stress, and other ailments, Hyugalife is positioning itself as a health destination, driving a shift in people’s attitudes towards health and wellbeing.