Plant-based nutrition brand OZiva raised $ 12 million in a Series B funding round led by Eight Roads Ventures. The existing investor Matrix Partners India and F-Prime Capital also took part in the round.
The funds raised from this round will be used to expand the company’s 110-strong team, add products in the Vitamins and Minerals, Research and Development category, and enter the child nutrition segment.
OZiva will also invest in its own manufacturing facility in Himachal Pradesh, Gill was quoted by the Economic Times as saying.
Founded in 2016 by Aarti Gill and Mihir Gadani, OZiva offers products in different categories such as hair, skin, fitness, women’s health, men’s health and general wellbeing.
The nutrition brand also offers personalized fitness and nutrition advice, fitness and nutrition content. OZiva’s annualized sales quadrupled in 2020 and are already over 100 billion rupees this year. According to the report, the company is targeting annual sales of 500 billion rupees over the next three years.
The company competes with the unbranded nutritional supplements from GNC, Amway and Indian pharmaceutical companies.
As investor interest in D2C (direct-to-customer) has increased over the past two years, brands like OZiva that initially struggled to raise capital have seen in-depth interest from stock investors, Gill said, adding, that metros account for 35% of the demand for the brand and its products are in demand with men and women alike.
Also read: Oziva’s search for health