Mumbai-headquartered direct-to-consumer (D2C) startup OZiva said Wednesday it has raised USD 12 million in a Series B round led by Eight Roads Ventures, with participation from F-Prime Capital and existing investor Matrix Partners India.
The three-year-old startup provides plant-based nutrition products made of herbs, fruits, and berries and markets them for different groups, from male, female, to kids. It claims its products—powders that can be made into juices and shakes—have been made by mixing the learnings of modern science with the benefits of ayurvedic herbs.
In addition, the company also offers personalized diet and fitness consultations, nutritional and fitness content, and community-based events through its digital platform.
The D2C brand will use this money to expand into newer categories, and bolster its technology platform to enter new product categories, it said in a statement.
“At OZiva, what drives us day in and day out is the quest to empower 100 million+ lives to be healthier and better. As a company, we have just started and there is a lot more to accomplish in the years to come. Both Mihir and I are extremely thankful to our customers, team, and existing investors for believing in us,” said Aarti Gill, co-founder, OZiva.
In the last one year, investment in D2C space and healthy food sector has spruced up on the back of increased demand for health products due to the COVID-19 pandemic. The rise in online shopping has also helped D2C brands to launch their own websites and introduce new products to ride the wave.
Recently, Zomato founder Deepinder Goyal, in a tweet said the company is soon going to launch a food supplement category that includes immunity boosters, bone strengthening, hair and skin care, and others targeted at health-conscious users.
According to a recent report by Praxis Global Alliance Labs and Knowledge Capital, investors put in USD 1.4 billion into D2C companies between 2014 and 2020. The sector saw an investment of close to USD 417 million in 2020 in India.
“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.