NanoVeda is a Nutra supplement brand from Switzerland that combines Ayurveda with established methods and mechanisms of Nanotechnology. It specializes in plant-based products and has a wide range of nutritious supplements in the form of oral strips. NanoVeda focuses on a holistic approach towards health and wellbeing that aims to eradicate the hassle of conventional supplements like pills and syrups. The products are curated by top researchers who have specialized in the field of Nanotechnology and Ayurveda and are 100% vegan, gluten-free, nut-free, non-dairy, making them suitable for all body types.
Market opportunity, considering the product as a category:
The market opportunity is tremendous.
The USA alone caters to 60% of the global nutraceuticals market share that is estimated at around $400 billion per annum. It is a very mature market where consumers like to try out new product innovations and the product quality drives the sales.
On the other hand, people in India tend to spend far less on themselves when compared to the west. They spend endlessly on children but hardly invest in self-care products. Sales in India predominantly depend on influencer marketing. It is more important to place the product in the right place and have the right set of people recommend the products to drive sales.
Europe is an interesting market where consumers are keen on a natural, no side-effects preventive healthcare regime. This market requires the product to be of top quality but needs more product marketing education initially.
How the NanoVeda thought began:
As an entrepreneur for over two decades, I was looking forward to creating a brand legacy that would have a vast outreach and leaves an impact on people. The general acceptance and popularity of preventive care during Covid-19 gave us a perfect opportunity to launch NanoVeda.
Considering the fact that people have started paying more attention to their health and are increasingly adopting nutraceuticals and other health supplements in their daily lives, it was a no-brainer for us to foray into this space. Further, in my interaction with NUTRIFY India I was convinced that Ayurveda needs to be given its due credit. Some of the heroes of our country have devoted their lifetime to develop unique Ayurveda treatments but have not been able to commercialize them due to lack of market access or lack of capital. This gave birth to NanoVeda in 2020, where we scouted the best of minds and scientific valor from some of the remotest parts of India and globally and came up with a unique solution of making daily nutrition fun, easy, trendy. A solution that is backed with lab-tested, evidence-based research methodology for commercialization.
How did you manage your business during Covid?
Fortunately for us, Covid-19 increased the adoption rates for health supplements, both internationally and in India. People realized the importance of preventive healthcare rather than taking a post-mortem care approach. This helped us accelerate our growth during the pandemic and we are glad that we were able to carve out an opportunity in this adversity.
We were able to launch NanoVeda in under 11 months through the use of technology. We paid a lot of emphasis on the design thinking and the product format innovation to enhance the consumer experience. Further, a truly global and a decentralized team helped in delivering the right products at the right time.
In order to maintain a positive work environment, we made sure that our core team engaged in regular informal coffee chats and video calls. This kept the team’s morale intact and promoted a healthy exchange of ideas across borders.
Commenting on the brand’s vision, Rakshit Mehta said, “Our aim is to disrupt the supplements market and accelerate the adoption of Nutra supplementation, for all age groups, in a fun, easy and trendy way. Popping in pills or taking syrups is such a passé, hence we have developed a very innovative self dissolve nano-oral strips in tasty natural fruit flavours that makes taking supplements fun, enjoyable and trendy and of course being more effective due to the higher body absorption rate”.