Genomelabs arm draws out omni-channel strategy
Hyderabad: With the nutraceuticals market in India estimated to grow from $4 billion to $18 billion by the end of 2025, Fitday, an offshoot of Genomelabs Bio, is gearing up with its omni-channel strategy to strengthen its presence pan-India. The company plans to have 50 stores by 2023 and deepen its e-commerce engagement.
Located at Genome Valley, Hyderabad, the company is into various health and nutrition products, immunity boosters, dietary supplements, whey protein, besides other products. The company which believes in relying on local sourcing, also sources certain ingredients from across the world.
Suresh Raju Patapati, founder, Fitday, told Telangana Today, "At the parent company Genomelabs, we are into product research, formulation, manufacturing and product sales. With Fitday at the retail end of the whole process, we come full circle. We offer fitness & nutrition consulting and have a nutritionist at every store and also Body Mass Index (BMI) machines at each store, offering free consultation."
The company is going omni-channel. Fitday.in is an e-commerce platform and supplies its products nationwide. With the brick-n-mortar stores, the company is slowly going pan-India. In one year of its operations, the company has already set up three stores. Currently there are around 1,000 SKUs being offered.
On the segment's growth potential, Raju said, "If we were to go purely by data, there is tremendous scope for nutraceuticals and fitness products. The demand for nutraceuticals and functional foods is already witnessing an upward surge with consumers opting for immunity boosting supplements as a result of the Covid-19 pandemic. Currently, we are into paediatrics, sports nutrition, general health and geriatrics. The right nutrition for the elderly is one of our key focus areas. Therefore, geriatrics is also one of the categories that shows the most promise."
At Fitday, he adds, "We believe that one of the biggest challenges is on how to create awareness. Besides the current demand due to the Covid-19 pandemic, a steady decline in the consumption of poultry, meat and seafood products across the globe is likely to see a surge in the demand for plant and animal-based protein supplements in the near future. Within the nutraceutical industry, the dietary supplements segment alone is responsible for over 65 per cent of the nutraceutical market."
The company is gradually phasing out into newer territories. It is not only into manufacturing Genomelabs' products, but also taking up marketing for a lot of global and local companies such as Isopure, Nestle and Optimum Nutrition.
The company is looking at establishing 50 stores pan-India in the next three years. For now, Genomelabs will continue to fund Fitday but the company is open to external funding when the opportune time comes, noted Raju.