Founded by Himmath Jain and Arvind Jain, MyNutraMart is an online portal for heath supplements that started back in 2010. Completely bootstrapped since we initially wrote about them, MyNutraMart has grown to a team of 12 and claims to be amongst one of the few profitable eCommerce ventures in India. The supplements they sell are related to weight loss, condition-specific, herbal supplements, body building supplements and such.
Catering to a growing need, Himmath informs that reports say the Indian nutraceutical (derived from nutrition and pharmaceutical) market was at $1,480 million in 2011 and could grow to $2,731 million in 2016. And increasing traffic gives support to this, myNutraMart attracts 60,000 unique visitors every month according to Himmath.
Talking about revenues, Himmath revealed that MyNutraMart turned over INR 20 lakhs in the month of January. Most of the profit for MNM comes from the private labels they have developed. “Private label brands give us approximately 45% profit margin,” says Himmath. On the whole, MNM has 9 parent brands and 26 sub-brands with 470 SKU’s. Relying on IP, the company has applied for trademarks for 30 brands to safeguard long-term interests. Himmath shares an instance, something they’re betting on:
“A new brand of Nutritional chocolate being launched is Zimm™ Chocolates. It is going to be the first brand in the country fortified with immune boosting growth factors, transfer factors and antioxidant properties. The product helps boosts immunity for kids as well as adults. All this benefits with the stamp of approval by AYUSH (Department of Ayurveda) makes the product more authentic and safe.”
These private label brands are sold on competitor sites like HealthKart, Goodlife, Snapdeal, Pepperfry and 12 more E-com sites as well. Apart from this, some of the things Himmath claims that has worked for the company is that 97% of the products are shipped on the same day and it has a low RTO in the industry for CoD shipments standing at 2%.
MNM believes the need for health supplements to grow fast in India as lifestyles change and more disposable income enters the system. MNM is also looking for investments now to scale the business quickly.