Direct-to-consumer nutrition brand OZiva has raised $12 million in a Series B round led by new investor Eight Roads Ventures with participation from F-Prime Capital and existing investor Matrix Partners India.
OZiva had secured $5 million in a Series A funding round led by Matrix Partners in June 2020 along with Titan Capital. According to OZiva, the fresh proceeds will be used to build the team, technology platform and enter new product categories to provide more services.
While the company didn’t give details such as the break-up of the round and valuation, its regulatory filings show that OZiva has allotted 24,780 Series B preference shares at an issue price of Rs 31,961 to raise Rs 79.2 crore. Lead investor Eight Roads Ventures has infused Rs 51.2 crore followed by Matrix and F-Prime with Rs 15.2 crore and 12.8 crore investment respectively.
The company hasn’t disclosed the allotment of the remaining amount.
The five-year-old Mumbai-based company provides plant-based nutrition products with a portfolio across categories such as women’s health, skin, hair, men’s health and general wellness. It also provides its customers with access to personalized diet and fitness consultations, nutritional and fitness content, and community-based events through its technology platform.
As per Fintrackr’s estimates, OZiva has reached a post-money valuation of Rs 580 crore or $80 million.
Launched by Aarti Gill and Mihir Gadani, the company claims to have crossed an annualised recurring revenue of Rs 100 crore in the ongoing financial year and aims to achieve Rs 500 crore in ARR in the next three years. OZiva competes with the likes of Amway, GNC and several others.
