As health and nutrition requirements surge in times of the pandemic, plant-based nutrition brand OZiva and nutrition supplements player Fullife have raised funding to keep their supply up and running. OZiva has raised $5 Mn (nearly INR 37 Cr) from Matrix Partners and Titan Capital, while Fullife has raised $6 Mn (INR 50 Cr) from Amansa Capital, Dalal Street’s Rakesh Jhunjhunwala and Sixth Sense Ventures.
Meanwhile, an Economic Times report has also highlighted that Bengaluru-based Sproutlife Foods, which deals in Yoga Bars, may raise $6 Mn (INR 50 Cr) in a funding round led by SAIF Partners.
Fullife Looks To Enter US
Fulife, founded by Varun Khanna in 2011, sells sports nutrition supplements under the brand Fast&Up that was launched in 2015. The company has raised more than $12.2 Cr (INR 100 Cr) across multiple rounds. Existing investor Six Sense Venture had invested $2 Mn in 2018, meanwhile, Jhunjhunwala invested $3.3 Mn to $3.9 Mn (INR 25 Cr to INR 30 Cr) in Fullife’s seed round in 2017.
“The company is looking to use the latest funding to increase its product portfolio and cater to the required expanded capacity and demand,” CEO and cofounder of Fullife, Khanna said. Currently, Fullife’s portfolio includes 20 products spread across immunity, fitness and wellness. These include Vitamin C immunity boosters, electrolytes and vegan products.
Fullife currently sells its products in India, United Arab Emirates, Europe and the UK. It will soon be launching Fast&Up in the US as well. It has two plants in Maharashtra and Himachal Pradesh.
OZiva Aims Higher Customer Acquisition
Founded in 2016 by Aarti Gill and Mihir Gadani, OZiva offers nutritional products for people between the ages 18 to 55, with women as their primary target. It has products ranging from everyday fitness to skin and hair nutrition.
Its product portfolio includes organic food, cold-pressed oils, millets, baked snacks, sugar-free range and diabetic-friendly foods. OZiva plans to use this fundraising for research and development (R&D), technology and team expansion. Besides this, the company will focus on customer acquisition.
“Being pioneers in the clean, plant-based nutrition space in India – we invested our energies in educating consumers and building the category. Having a strong digital ecosystem and personalised consultations has helped us in delivering more than just the product and has reflected in our growth numbers as well as unit economics,” Gill added.
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Author :- Kritti Bhalla
June 25, 2020 at 12:54PM
inc42