Wellness Forever raises Rs 1.3 bn from Allana Group, Adar Poonawalla

Pharmacy chain, Wellness Forever has raised Rs 1.3 billion from Allana Group, Adar Poonawalla. Existing investors include banker and investor Rajiv Dadlani and venture capitalist Sajid Fazalbhoy. The company is promoted by Gulshan Bakhtiani, Ashraf Biran and Mohan Chavan.

A statement from the company informs, “The company has been profitable since inception, growing 35 per cent YoY with best in class retail metrics, employs over 4,000 people among which are over 800 qualified pharmacists and has over one million loyal paid customers.”

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, and lead investor in the Company, said “Given their impressive track record and company’s vision, we continue to partake as long-term investors, and support them in their amazing journey, and next phase of growth.”

Gulshan Bhaktiani, Founder & Director said, “With this round of funding, we plan to strengthen our private labels that have gained popularity over the years. We will continue to add more retail stores and reach out to our customers not just through brick and mortar outlets but also through online channels”.

The company informs that it has clocked revenues of over Rs 1,000 crores for the current fiscal year and has expanded its footprint to over 200 stores in Maharashtra, Goa, Karnataka since its inception. The company aims to add over 150 more stores in the next year and 1000 retail outlets in the next three years.

The company informed through a statement, “Funds will be utilised for store expansion, strengthening their highly profitable private label brands which are under its 100 per cent subsidiary Amore which focuses on Wellness and Health products and invest more in e-commerce. The company has an existing online to offline strategy via omnichannel, hyper-local delivery which it plans to leverage off E-commerce and Tele-commerce which is already growing into a large part of the company’s sales mix.”

“Wellness Forever has hired JM Financial for a secondary share sale for early investors and for pre IPO preparations. The company is on track to achieve sales of around 4,000 crores in the next 3-4 years with a 1,000 store count across the country,” it added.