The Gurugram-based startup aims to revolutionize India’s active lifestyle wellness space with innovative products and a powerful brand ambassador
Introduction:
In a significant development for India’s growing wellness industry, Gurugram-based startup Hoop has announced a strategic investment from Olympic medalist and badminton champion PV Sindhu. The undisclosed investment, which also sees Sindhu joining as a brand ambassador, is expected to accelerate Hoop’s mission to modernize relief and recovery products for India’s increasingly active population.
Founded in 2022 by former McKinsey consultants Twinkle Uppal and Saharsh Agarwal, Hoop has quickly made a name for itself with its range of natural products for topical pain relief, muscle recovery, and sleep support. The startup’s innovative offerings have already garnered a customer base spanning over 1,000 cities across India.
Funding and Development:
This latest investment round marks a significant milestone for Hoop, which had previously raised $100,000 in a grant round in January 2023. The startup’s participation in Peak XV’s (formerly Sequoia India) Spark Program and backing from notable angel investors like Rohit Kapoor (CEO, Food Marketplace, Swiggy), Abhinav Sinha (COO, OYO), and Naiyya Saggi (Co-founder, Good Glamm Group) have further validated its potential in the burgeoning wellness market.
Speaking about the investment, Hoop co-founder Saharsh Agarwal said, “PV Sindhu’s investment and brand ambassadorship is a game-changer for Hoop. As one of India’s most celebrated athletes, her trust in our brand and mission is incredibly validating. We look forward to working closely with her to bring innovative wellness solutions to India’s active population.”
The funds raised will be primarily directed towards product development, expanding Hoop’s market presence, and strengthening its brand positioning. The startup’s focus on research and development, which saw the co-founders spend over 18 months perfecting their formulations before launching in October 2023, remains a key priority.
Implications for the Indian Startup Ecosystem:
Hoop’s success in attracting investment from a prominent athlete like PV Sindhu highlights the growing intersection of sports, fitness, and wellness in India’s startup landscape. As more Indians prioritize active lifestyles, the demand for innovative wellness products is expected to soar. The consumer wellness market in India is currently estimated at $20 billion, with a rapid growth rate of over 15% annually.
Sindhu’s involvement also underscores the increasing trend of celebrities and sports personalities investing in and endorsing startups. This not only brings valuable funding but also lends credibility and boosts brand visibility. Recent examples include Virat Kohli’s investment in Digit Insurance and Neeraj Chopra’s stake in regional language streaming platform Stage.
Conclusion:
Hoop’s strategic investment from PV Sindhu and her joining as a brand ambassador mark a significant milestone for the wellness startup and the broader Indian startup ecosystem. With innovative products, a focus on research and development, and the backing of a world-class athlete, Hoop is well-positioned to capitalize on India’s growing demand for active lifestyle wellness solutions. As the startup continues to expand its market presence and product offerings, it is poised to play a key role in shaping the future of India’s wellness industry.
