Plant-based nutrition brand OZiva has raised $12 million in a Series B funding round, which was led by Eight Roads Ventures. Existing investor Matrix Partners India and F-Prime Capital also joined the round.
The funds raised from this round will be utilised to widen the company's team of 110 employees, add products in the vitamins and minerals category, R&D, and enter the kids nutrition segment, it said.
OZiva is also going to invest in its own manufacturing plant in Himachal Pradesh, Gill was quoted as saying by the Economic Times.
Founded by Aarti Gill and Mihir Gadani in 2016, OZiva offers products across categories like hair, skin, fitness, women's health, men's health, and general wellness.
The nutrition brand also offers personalised fitness and diet consultations, fitness, and nutritional content. OZiva's annualised revenue quadrupled in 2020 and is past Rs 100 crore so far this year, the report stated, adding that the company is targeting Rs 500 crore in annualised receipts in the next three years.
The company competes with GNC, Amway, and Indian pharma companies' unbranded supplements.
As investor interest in D2C (direct-to-customer) has increased over the last two years, brands like OZiva, which at the outset had difficulties raising capital, have seen inbound interest from equity investors, Gill said, adding that metros constitute 35% of the brand's demand and its products are in sought after equally by men and women.
Also Read: Oziva's Quest for Health
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today