Plant-based nutrition brand OZiva on Wednesday said it has raised $12 million as part of its Series B round led by new investor Eight Roads Ventures. The round also saw participation from F-Prime Capital and existing investor Matrix Partners India.
According to the company, it will be using the funds to build out the team, enter new product categories, and look to scale its technology platform to provide more value-added services. The present funding comes less than a year after the startup raised $5 million as a part of its Series A round, led by Matrix India last June.
The five-year-old brand provides everyday fitness and nutrition products across categories such as women’s health, skin, hair, men’s health and general wellness, which is developed using natural, plant-based ingredients.
“At OZiva, what drives us day in and day out is the quest to empower more than 100 million lives to be healthier and better. Today, we are excited to partner with Eight Roads Ventures in the journey ahead. We will continue to focus on growing our portfolio of clean, plant-based products, expanding into newer categories while also further investing in our technology and R&D efforts,” said Aarti Gill, co-founder of OZiva.
In addition to products, OZiva also provides its customers with access to personalized diet and fitness consultations, nutritional and fitness content, and community-based events through its technology platform. This tech-enabled ecosystem is at the core of OZiva’s vision to build a highly motivated health and fitness community, the company said.
“We have closely tracked the large yet under-penetrated consumer health category, looking for companies with the focus and capabilities to disrupt the sector. OZiva’s product leadership and technology-first approach around content and community set it apart from others in the market,” said Ashish Venkataramani, principal, Eight Roads Ventures India.
OZiva is currently also focusing on its subscription programme, which it launched three months back. Almost 3.2% of its overall consumer base has already subscribed to its subscription programme, according to Gill. The company gradually looks to scale its subscription to more than 15% of its consumer base by the end of the year,
“We’re privileged to have been early partners with Aarti and Mihir on this spectacular growth journey. Their focus on building a product with the highest quality and cleanest ingredients has positioned OZiva as the category leader in the plant-based nutrition space in India. We welcome Eight Roads Ventures to the partnership and look forward to the next phase of growth!,” said Sanjot Malhi, director, Matrix India.
