Wipro Consumer Care - Ventures invests in Indonesian startup Youvit
Summary
New Delhi: Wipro Consumer Care - Ventures, the venture funding arm of Wipro Consumer Care & Lighting, on Wednesday announced its investment in Indonesia-based startup Youvit that sells nutraceutical and wellness products for children and adults.This marks the funds first direct investment in a south-east Asia startup.YOUVIT is a promising start-up in the nutra segment with focus on gummies. YOUVIT is gaining strong traction among children as well as adults, with presence in Indonesia and Malaysia with plans to expand across Southeast Asia," said Sumit Keshan, managing partner, Wipro Consumer Care - Ventures.This is the funds ninth investment in a startupthe earlier ones being MyGlamm, Ustraa, Power Gummies, Souflower, TAC, LetsShave, Onelife Nutriscience and DSG Consumer Fund IV. The fund was set up in 2019, and it typically invests between $2 million to $6 million per deal.We continue to look at innovative companies in the consumer space in India and SE Asia," Keshan said.Wipro Consumer Care Ventures investment in the company is part of a $6 million Series B funding round closed by the company. The start-up offers nutraceutical and wellness products in gummies format for children as well as adults.We are excited to welcome Wipro Consumer CareVentures as part of our $6 million Series B funding round," said Wouter, co-founder and CEO, YOUVIT.The funds will be used to expand its product offerings, launch products in new formats, while investing in the brand and expanding the team. We will double-down on our omnichannel distribution model, with strong traction through online channels and our DTC platform as well as presence across more than 20,000 modern retail stores," he said.