Lifezen is all about encouraging people to take care of themselves by providing Over The Counter (OTC) Medicines
A young team, with diverse experiences, working passionately towards creating the next big thing in the consumer healthcare space. Lifezen is an OTC healthcare company focused on the new age India, with a vision to encourage people to take the leap in managing their own health better. The eventual goal is to bring about awareness about symptoms that often go ignored, with innovative offerings that are simple by focusing on customer’s needs. “EYESPA” is the 1st of its kind OTC eye drop in the market that cools, hydrates, and refreshes eyes after it noticed that there was a space left by the people in eye-care where most of them tend to ignore. “Eyespa” goes beyond just artificial tears and works as productivity enhancers, ensuring the strains of the work life. The second product ready to get into the market is “TUSKCA”, which is a calcium supplement extraordinaire. This is a chewable citrate formula which can be consumed anywhere, available in different flavours so that it takes the experience of ‘having a medicine’ away from the product. The third is “Wonderpro”, a multi-spectrum pro biotic and pre biotic combination. The highest consumption for this category is towards diuretic or antibiotic related symptoms. It is a dairy free and non-refrigerated product that ensures that every consumer has his/her gut in good health, overall wellbeing, new found energy, improved immunity and skin, and better digestion.
Challenges faced by the start-up
It took them almost a year to formalize what the plan is and to execute by selecting products. Once the products hit the shelf, every experience and interaction was a learning point for the team. Having back up plans was the organization’s plus point where, the failed plan was swapped with a new one, giving them a good experience. The primary responsibility of Lifezen’s CEO & Founder (Rohan Siroya) is to attract the investors by showing them the bigger picture thereby building Lifezen’s work culture.
Idea !! Moment
Though Rohan was involved for past two decades in pharma tradition through the parental firm “Bal Pharma” limited to products that were prescription driven, few OTC brand companies came up to him eagerly in proposing this startup and that’s how Lifezen was born. The sketch for this proposal was made as per the discussions had with his uncle Shailesh Siroya, the MD of Bal Pharma and Lifezen, while being our strategic mentor. Rohan admires his cousin Shreya Siroya, the co founder of Lifezen, who is intelligent and potentially presents to be the best choice. This company makes extremely simple, yet immensely useful products.
Story behind Team Building
Rohan and Shreya had been to ISB to pursue MBA and that is where they came up with this idea. Firstly the hiring was for the General Manager post approached through a common reference point from Bal Pharma. The requirement as a company was to learn the best practices and inner workings of the top players. Under him, the team started hiring more sales and marketing professionals, who are having a burning desire to make a mark. Initially it was through recruitment agencies that helped in identifying the quality talented people, thereby providing an opportunity to the freshers. Then the references kept on building the team. Communication which is the key for success is always observed. Lifezen creates an open space for everyone to voice their opinions and proposals, and an open critique for those is shelled out.
The team for now comprises of GM who is a veteran in the OTC business also an experienced professional, cousin Shreya, who has an extensive background handling in real estate business at Bangalore is the co-founder. She ventured into the start up ‘Retale’, an online to offline shopping browsing venture. Shailesh Siroya, MD of Bal Pharma is the real man behind this startup in helping out the team handle decisions accordingly. Rohan as a young graduate, with an experience in real estate and construction which is said to be their family business dealing with ground level realities of construction sites was all enthralling and the leanings of that business have shaped me in more ways than one.
Profits, Growth and Funding
Lifezen hit the market in September 2015, being relatively new to the pharma world. Though it had been a roller coaster ride, with just one product, they were available across over 10,000 retailers in only two states. It is noticed that sales are picking up, and have currently reached over Rs 2 Cr in revenue, and are growing at 30% m-o-m. BCCL has funded them through their investment arm-Spring board. The investment is a unique angle on the typical VC route and brings a lot of flexibility to the business mix, where the fund allows the entrepreneur to take a lot of decisions on their own. Lifezen Healthcare is also funded by Bennet Coleman & Co Ltd (The Times Group).
Lifezen is a simple idea; which provides world class products that aren’t rocket science, yet add immense value to consumers. It focuses on an aspiration value that lies deep within every individual to achieve more and be happier, and it all starts with them being proactive about their own health. As a company, it is a group of young upstarts who have set out to disrupt a space typically dominated with goliath size corporations doing business since decades in a specific way. Our cultural focus has a foundational belief that the best ideas are out there and only need to be tapped in by making every brain in the organization think. Having said that, ideas only go so far, Lifezen is a temple of action.
One among thousands – How was it possible
Lifezen’s revenue model is traditional FMCG, where margins have to be extended to each link in the distribution chain. The number crunch happens when they need to effectively control the marketing expenses, yet still do an efficient job in ensuring enough trials and market awareness for the products. ‘Loss leading’ will never be a competitive streak for Lifezen.
Future Plans and Goals
Lifezen Healthcare has a razor sharp focus on the domestic OTC market in India. With the growing trend of erratic lifestyles, emphasis on preventive healthcare and awareness about health lifestyles, Lifezen will be launching unique product offerings across a range of categories. They are in process of launching an advanced calcium supplement Tuskca, in Bangalore and Delhi, followed by other markets of Mumbai, Pune and Hyderabad. They are also expanding product portfolios in third quarter of 2016. There are several products in pipeline and is expected to hit metro cities soon.
To know more about this startup please visit www.lifezen.in