“The Indian market will continue to spearhead our business going forward”: Vijayaraghavan Venugopal, CEO & co-founder of Fast&Up India
An effective sports nutrition plan is seen as being vital to the on-field success of today's athletes - a secret sauce for their preparation, performance, and even post-match recovery. However, with a multitude of sports nutrition offerings on the market today, choosing the correct brand and product may seem like a daunting task to many.
For brands operating in the space, educating consumers about the benefits and differentiating factors of their products is often seen as a given, making effective brand awareness and staying on top of consumer trends essential for a sports nutrition brand to thrive.
To better understand the world of sports nutrition, the range of product choices available to consumers, and how major brands in this sector operate, Sportskeeda caught up with Vijayaraghavan Venugopal, CEO and co-founder of Aeronutrix Sports Private Limited. Not only has he been instrumental in growing India’s leading sports nutrition brand Fast&Up, but he is an avid marathon runner as well, having completed more than half a dozen sub-three-hour full marathons in cities around the world.
Founded in 2015, Fast&Up is well-known for its wide variety of products for athletes, and for being the official nutrition partner of Bengaluru FC. It has also struck up partnerships with Indian table tennis player Sathiyan Gnanasekaran, cricketer Priya Punia, I-League club Gokulam Kerala FC, and Bollywood star and fitness icon Shilpa Shetty.
Proud to be a part of the @FastandUp_India family, one of the only nutrition brands in the country that truly supports budding and professional athletes and helps fuel our performance💪
In love with this new super cool hoodie😍
#sathiyantt #tabletennis #fastandupathlete https://t.co/imh9sdb857
The advent of the COVID-19 pandemic saw a major boost for Fast&Up, with business growing fourfold over the past 18 months thanks to its immunity-based Vitamin C products that have seen high demand from consumers. Speaking about the bump-up during the pandemic and how demand has evolved since then, Vijayaraghavan said:
“Vitamin C was definitely our most sold product during the first two Covid waves. As seen during the Covid pandemic, people have become more educated in the areas of building immunity and on ways to shield themselves from diseases. This has led them to believe that they need to live a healthy life. Even though the demand has tapered a little bit, the overall requirement in demand and consumption in the wide range of nutrition — including multivitamins — has seen an increase and this is expected to continue.”
While the growth seen in the pandemic can be great for such businesses, keeping the larger picture in mind is just as important. Fast&Up products are known for targeting both amateur and professional athletes as well as for general upkeep and improvement of one's personal health.
Touching on the importance of sports nutrition for the youth of India as a whole, Fast&Up’s key demographics, and the age from which the brand’s products may be consumed, Vijayaraghavan commented:
“Fast&Up has evolved into a nutrition brand for people across different age groups who wish to be active. Typically, the age group we are targeting is between 22-45 years, but having said that, we have customers who are from 10-12 years right up to 60 years and beyond. Since our products are very safe and quality-oriented, they have found acceptance across demographics."
He added:
"Given the lifestyle we are living and the need for all of us to live healthy, I think nutrition is very important, not just for our daily lives, but to also make India a leading sports powerhouse, and I think the Indian sports ecosystem is slowly learning that.”
Any effective business model for a product-oriented business needs a well-thought-out and effective distribution strategy. In Fast&Up’s case, the brand has adopted an omnichannel strategy by having a presence in 8000 offline outlets as well as across e-commerce platforms such as Amazon, Nykaa, 1mg, Netmeds, Healthkart, Pharmeasy, and more.
Diving into Fast&Up’s distribution channels and strategy of going for an omnichannel approach rather than making a pure direct-to-consumer (DTC) play, Vijayaraghavan said:
“During the evolution of the company, our aim was to take our brand and products to as many customers as possible. Direct-to-consumer does remain a key part of our strategy going forward, but we did evolve and have a bit of a presence in the retail and offline segment. We do things that will help us make DTC our main centre, but having said that, the market is evolving around rapidly."
He continued by saying:
"Different business models are entering the market hence going forward we have to be flexible and open to different options. But our core aim will always be to take the brand to our consumers in the best way possible.”
With decision paralysis on the rise around the world owing to the huge variety of brands and multiple products from each brand available on the market today, simplifying the decision-making process for consumers has become essential. This phenomenon, and how fewer choices can help reduce anxiety for consumers, is being increasingly covered in books like Dedicated by Pete Davis and The Paradox of Choice by Barry Schwartz.
Speaking about how Fast&Up aims to educate its consumers and help simplify their decision-making process, Vijayaraghavan said:
“In terms of [the] decision-making process, Fast&Up has always believed in having a multi-layered approach. We have a strong on-ground approach where we educate people and participate in various community activities such as road-running in the country. We are also strong digitally and educate our audience by giving them salient points - not just to tell them why they need to use our products but also to educate them about why fitness is important."
Reflecting on their ever-growing positive image, the company's CEO and co-founder said:
"We also have a lot of well-wishers who have, over the course of time, seen and used our products and the kind of quality we have been delivering. They have chosen to become an ambassador of Fast&Up having believed in the brand. So with this multi-layered approach and with the fact that nutrition has exploded in the country, Fast&Up has possibly a ride to win with its quality backed array of products.”
Confidence from investors in Fast&Up
The rising sentiment of wanting to live healthier lives and how that can benefit brands like Fast&Up has not gone unnoticed by investors. Fast&Up's parent company Fullife Healthcare Pvt. Ltd has been successful in securing investments in the past from storied investor Rakesh Jhunjhunwala, venture capital firm Sixth Sense Ventures, Morgan Stanley Private Equity Asia, and even Bollywood star Varun Dhawan.
While Sixth Sense initially invested INR 10-15 crore for a 10% stake in 2018, ace investor Jhunjhunwala had reportedly invested an undisclosed amount for a 25% stake in 2013 in Fullife, which sells sports nutrition products under the brands Fast&Up and Chicnutrix. Both these investors also invested further in 2020, with Fullife raising INR 50 crore from the two existing investors and Amansa Capital - a Singapore based fund management company which joined this round.
In yet another funding boost to the company, Morgan Stanley Private Equity Asia also invested $22 million in Fast&Up’s parent company in a Series C funding round in December 2021. The funding spree was far from over, however, with Bollywood star Varun Dhawan following up the Series C funding by investing an undisclosed amount in the same month, and coming onboard as Chief Vibes Officer for Fast&Up.
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Drumrolls!🥁 It's Official Guys! 🎊🥳
We are super excited for THE ONE and only @Varun_dvn to join us as our Chief Vibes Officer to help us in our mission to put health first in our country. 🤝🙌 twitter.com/latestly/statu…
Reflecting on the company’s funding history, how the brand has evolved since the initial round, and how each round of funding has helped Fast&Up’s growth, Vijayaraghavan noted how India is still at a very nascent stage when it comes to nutrition, and said:
“We have been fortunate to be associated with some of the top investors, celebrities, and well-wishers. Each addition has always been a positive welcome sign for us, not just because they bring a lot of credibility to the table but also because they also help in the thought process and evolution of the company."
He continued by saying:
"The task of taking a nutrition brand to a higher level in India is a difficult task as it involves a lot of resources that include money, intellect, dedication and hardwork, and it is imperative that one gets funded at the right time and the right place so this journey can continue. For that, you need the right people to join you and contribute to that growth.”
Fast&Up wants to be the leader in plant-based nutrition
While India has traditionally been strong in plant-origin products through its Ayurveda and herbal base, with climate change fast becoming a reality and veganism on the rise, consumers are increasingly starting to look at plant-based nutritional options.
In keeping with the changing consumer tastes, Fast&Up has multiple plant-based products available for athletes and everyday consumers alike, going so far as to even highlight plant-based products specifically on their website via a dedicated “Plant Power” menu tag to promote these products. Speaking about the opportunity that these vegan products provide Fast&Up now and in the future, Vijayaraghavan commented:
“Worldwide, there is obviously a shift towards plant-based nutrition. Today, there is a shift towards veganism, vegetarianism, and plant-based nutrition. But having said that, this is going to be a process, a journey. Today, (the demand) is not as big as the other side of dietary nutrition, but we believe that in the days to come, customers will ask for choices, and having plant-based nutrition, which is closer to nature, will always be something that people will look forward to. Being the leader in active nutrition, Fast&Up would like to have a pole position in this.”
Going deeper into Fast&Up’s product portfolio and what differentiates them from other brands in the market, the brand’s CEO and co-founder noted that the brand has always stood for great quality, supply chain, and manufacturing. After all, nutrition is something that goes into the body, which leaves little room for any compromise. Stressing on the brand’s rigorous focus on quality control, he added:
“We have always maintained that we would like to manufacture most of the products, with even 99% of what we produce in-house having stringent quality checks in place. We were one of the first companies in the country to test every batch, which was a huge investment that we took three-four years back. I think that brings a lot of credibility to the brand. As long as I can give each of my products to myself and my family and to my kids, I think we are playing a great role. And I think that is what differentiates the brand and will [continue to do so] in the years to come.”
While plant-based nutrition is something the brand has been actively promoting, at the same time, Fast&Up is also evolving in terms of product categories, as pointed out by Vijayaraghavan Venugopal. Touching upon the different product categories important for the nutrition brand, he said:
“Initially, we laid the footprint for the effervescent and nutrition space in the country where we are clearly the leaders. We have a range of daily nutrition; we have gotten into plant-based nutrition. Proteins are something that we have actively looked at. So, this is going to be an evolving story. I think as India evolves in the sporting scene, there will be more education and more needs. We are prepared to bring top-of-the-edge products globally to India, right from sports to general nutrition, and I think India is getting ready to accept them.”
How Fast&Up makes use of sports partnerships
A sports nutrition brand has an organic association with athletes and the wider sports industry. In addition to the aforementioned partnerships with Indian Super League club Bengaluru FC, I-League club Gokulam Kerala FC, and with cricketer Priya Punia and table tennis ace Sathiyan Gnanasekaran, Fast&Up also signed another Indian cricketer in Mayank Agarwal to promote the brand in 2019, along with boxer Pooja Rani in 2021.
The company has also been associated with Chennai Super Kings, Tata Mumbai Marathon, and Airtel Hyderabad Marathon in the past. Further, the brand is a strategic supplier to BCCI, IPL, Ranji Trophy teams, Tamil Nadu Premier League, Pro Kabaddi League teams, and many more.
We are proud to welcome Indian Test Cricketer @mayankcricket on board with us as our Fast&Up Fit Squad Athlete!
Mayank Agarwal is the 295th player to represent India in Test Cricket and is known for his record breaking winning shots.
More power to you!
#fastandup #Cricket https://t.co/qe2cyYS0cg
Stating that sport has always been a core philosophy or area for Fast&Up since its establishment, he provided a glimpse at how the brand approaches sports partnerships, saying:
“At every sporting event in the country, there are multiple athletes, many of them not known to the outside world. There's a plethora of athletes in the country who need good nutrition, and possibly cannot afford it. So in many ways, we have tried to support them so that at one level, we are contributing to the evolution of sports as a whole, not just cricket."
Once again stressing the importance of trust, he said:
"On the other hand, I think our association with sports reflects very strongly with the brand ethos that we are an active young nutrition brand which delivers quality sports. All of this is at an elite level that needs quality, trust, needs the brand name and is a great synergy for us and it has, I think, intangibly delivered us multiple returns as a brand and as a company and in terms of growth as well.”
India is set to continue driving Fast&Up’s business growth in future
While Fast&Up has been seeing remarkable growth in India, it has also made use of its funding rounds to expand in select international markets such as the UAE, US, and Europe. On the back of growth in India as well as its global markets, Fast&Up has previously expressed ambitions of being an INR 500 crore brand by 2024. Examining growth plans in all of its markets, Vijayaraghavan outlined that India continues to be a mainstay for the brand, saying:
“India has huge potential and the journey has just started. So it will continue to spearhead our business. Other markets where we have great hopes are the US and UK, apart from other parts of Europe. The journey there has already been initiated, and we are seeing pretty positive results. I think in a lot of areas India is the hub for things like manufacturing and pharmaceuticals. We see no reason why India cannot be a strong brand, both in terms of the branded play as well as in terms of manufacturing for the entire world.”
As things stand, the majority of Fast&Up’s customers in India currently hail from major cities such as Mumbai, Bengaluru, Pune, Chennai, Delhi, and Hyderabad. Rounding off the conversation with how he sees the brand breaking into Tier 2 and Tier 3 cities and towns, Vijayaraghavan said:
“As time progresses, Fast&Up will get into Tier 2 & Tier 3 markets, (for which) the journey has already begun. This is also parallel to the evolution of nutrition as a subject across the country. Covid did accelerate the process; we see a lot more interest in Tier 2 & Tier 3 towns and cities. During Covid, there has been a lot of migration around work from home. I think there are certain trends which will continue to stay."
He added:
"Today, we supply to almost every state in the country, and our capability to reach out to different corners of the country will only increase with more products being introduced.”
With it likely being just a matter of time before nutrition becomes a talking point in Tier 2 & Tier 3 cities and towns, Fast&Up seems well-poised to continue to play a vital role in India’s evolving general and sports nutrition needs.