Mumbai-based Axys Nutrition Products, which owns nutrition products platform Nutrova, has raised an undisclosed amount in a bridge funding round, dubbed as a pre-Series A round, from early-stage investor DSG Consumer Partners. This is the company’s first institutional fundraise.
The firm plans to use the fresh capital to develop new products, conduct clinical studies and scale up its business, a statement said.
Founded by Akshay Pai in 2013, Nutrova develops and markets proteins and dietary fibre products, and has a hair care range as well. It sells its products online and in select pharmacies. The company has a tie-up with manufacturer Vital Nutraceuticals, which runs a Food Safety and Standards Authority of India (FSSAI)-approved facility near Mumbai.
“The resources from this funding will enable us to continue our research-driven product development as well as to scale our team and presence. We are confident that DSG, with their experience in the consumer space, will provide us with invaluable guidance moving forward,” co-founder Pai, also the CEO of Nutrova, said.
A management graduate from Indian School of Business, Pai was earlier the COO of biotechnology firm Advy Chemical.
“We believe that the evidence-based, clinical research centered approach adopted by Nutrova will be a very important purchase consideration for customers as awareness levels increase. Akshay has been focused on the science and data whilst building the business in a capital efficient manner. One of the very few businesses that is already breaking even at the time of our initial investment,” Deepak Shahdadpuri, managing director of DSG Consumer Partners, said.
The venture capital firm made the investment through its third fund, which, according to multiple media reports, raised $65 million last year at the final close. It has assets worth $200 million under management, with offices in Mauritius, Singapore and Mumbai. Its most recent investments include ones in health supplements brand Power Gummies, edtech startup Leverage Edu and baby care products brand The Moms Co. The investor has exited from notable companies such as OYO Rooms, Zipdial and Redmart.
The healthtech segment of the startup ecosystem has seen a fundraise after 20 days, following a string of robust dealmaking in April and May.
Last month, New Jersey headquartered online marketing platform for pharmaceutical brands Doceree, which has significant operations in India, raised $1 million in a seed funding round led by Kumar Gaurav, founder and CEO of marketing platform Beyond Codes, along with other angel investors in India and the US.
In the same month, Bengaluru-based online doctor consultation platform DocsApp raised $9.6 million in a growth funding round from Fusian Capital, Bessemer Venture Partners, Rebright Partners and Milliways Ventures, while healthcare platform Phable raised $1 million in an ongoing bridge round of funding, dubbed as pre-series A, led by venture capital firm Inflection Point Ventures.