June 9, 2023
ICMG Partners Co., Ltd.
ICMG Partners Co., Ltd., a Japanese Management Consulting Firm/Venture Capital Fund with headquarters in Tokyo and Singapore with 20+ years’ experience working with top management of Japanese large companies across industries, announces that it has entered into a partnership with NirogStreet Pte Ltd, a portfolio company of ICMG Co-Creation Fund Ⅰ Investment Limited Partnership managed by ICMG Partners, to support the entry of Japanese healthcare and personal care products into the Indian market. NirogStreet operates India’s first and largest Ayurveda online platform (Ayurveda: a traditional system of medicine used by one third of the Indian population) and is a leading provider of Ayurveda products to local Ayurvedic doctors, pharmaceutical companies, clinics and consumers in India. NirogStreet currently possesses an extensive network of local Ayurvedic doctors, pharmaceutical companies, clinics and consumers in India which it will utilize to broaden the platform’s reach to new customers.
ICMG Partners Founder Gen Funahashi (front row, 5th from left), NirogStreet CEO Ram N Kumar (front row, 6th from left) and NirogStreet members (At NirogStreet’s New Delhi office) |
ICMG Partners invests in the next unicorn companies in India and Southeast Asia in collaboration with leading global Venture Capital funds such as Jungle Ventures, Sequoia Capital and Blume Ventures. The investments from ICMG Partners aims to be a stepping board to accelerate the co-creation between Indian start-ups and Japanese large companies. Upon investments, ICMG enables high-quality Japanese products to be shared exclusively on the E-commerce platforms of start-ups and increases their variety of product selections and attract more customers in India to the platforms, which enhances their corporate value against competitors in the market.
By concluding a partnership with NirogStreet, which has a large existing network in the healthcare/alternative healthcare sector in the Indian market, ICMG will be able to effectively market superior Japanese healthcare and personal care products to a large number of Indian consumers through our partner’s local infrastructure and network, and to discover the overseas potential of various Japanese products.
In particular, the Indian market, where NirogStreet operates, already has a population of over 1.4 billion and an average age of 27.9 years, more than 20 years younger than the average age of 48.7 years in Japan, making it an attractive potential market for all kinds of Japanese products. It is also a future economic powerhouse, expected to surpass Japan in GDP by 2030 and become the world’s third largest economy by 2030, and the second largest by 2050.
ICMG Group has a strong track record of supporting co-creation activities between Japanese large companies and global start-ups in international innovation projects, and will continue to support the growth of startups, while leveraging the knowledge and partners we have cultivated in this business.
【About NirogStreet】
NirogStreet was founded in June 2016 to create a new Ayurvedic ecosystem, where people can access Ayurvedic doctors around the world via a platform. In addition, the global trend of rapidly increasing health consciousness is driving demand for holistic healing modalities such as Ayurveda, and NirogStreet’s community-first approach is beginning to attract attention in line with this trend. NirogStreet will continue to promote social welfare and wellbeing by leveraging its platform and broad network of stakeholders.
【About ICMG Group】
ICMG Group has been leading co-creative innovation not only in Japan but also in India, Southeast Asia and US together with various stakeholders such as leading Japanese big corporations, startups, and government agencies. ICMG Group has also carried out renewable energy investment projects in Southeast Asia with Tokyo Electric Power Company and Chubu Electric Power Co, formed a strategic partnership in Singapore with UNDP to promote the Sustainable Development Goals (SDGs), and launched the sustainable city initiative project in Japan with Aichi Prefectural Government. ICMG Co-Creation Fund aims to create a sustainable society by providing growth capital and strong partner network of leading Japanese corporations to startups that solve social issues.