MyNutramart is an online health supplement store that was founded by brothers Himmath Jain and Arvind Jain back in 2011. The company banks on dietary health supplements and has been able to survive the tough e-commerce market. MyNutraMart ventured into private labels last year which helped them become profitable and now they’ve forayed into offline retail to support the online business.
“A lot has changed in the last three quarters, we have been able to carve three SBU’s within the nutrition business: first is the portal MyNutraMart.com, second is our private label brands that have been doing exceedingly well with other online and offline sellers and third is the offline mode through our flagship retail store in Bangalore,” says Himmath. There is a big chunk of buyers in India who predominantly want to study the product before buying and this is what prompted the offline move. “They want someone to answer their queries, right there. They want a primary consultant. This can happen only at the store. These stores will also validate credibility of the brand MyNutraMart.com,” adds Himmath.
The company has been completely bootstrapped and is a 17-member team in Bangalore. The plan is to scale up to 30 by March next year. The offline store will have all the global supplements brands available in India and the team strives to ensure that all the products sold on portal is also stocked in the store. As a percentage of stocks in the store, the private label brands are around 30%. Talking about expansion, Himmath says, “We will be unleashing the stores through franchise model. In the first year we plan to appoint 10 franchisees. Our primary target market is Bangalore, then south followed by Delhi, Mumbai and Chandigarh.”
The company has been profitable for the last two financial years and now that the nutraceuticals market is more crystallized and growing at good rate, they’re looking to tap funds from various sources.
Website: MyNutraMart