Matrix Partners India, Titan Capital plant $5 mn in vegan nutrition brand OZiva

Venture capital firm Matrix Partners India and returning investor Titan Capital have invested $5 million in Zywie Ventures, which runs an omnichannel nutrition brand OZiva, in a Series A funding round.

The capital infusion will help the Chandigarh-based startup invest deeper in research and development, improve technology, expand its team and widen its customer base as well, a statement said on Thursday.

Launched in 2016 by Aarti Gill and Mihir Gadani, OZiva sells products such as healthcare and nutritional supplements for skin, hair and general health for people in the 18-55 age group, and provides educational content on fitness and nutrition advice.

While IIT Roorkee and INSEAD alumnus Gill has previously worked with corporates such as Credit Suisse, Gadani is a biotechnologist, bioinformatician and functional fitness expert, according to the statement.

“We started OZiva with a simple vision of enabling millions of people to be healthier and better… Having a strong digital ecosystem and personalised consultations has helped us in delivering more than just the product & has reflected in our growth numbers as well as unit economics,” Gill said.

India is on the cusp of a massive growth in the nutritional segment. The country’s nutraceuticals market size is estimated to be over $5 billion currently, and is expected to double in the next five years, the statement added.

Zywie Ventures also owns and operates fitness platform fitcircle.in, which helps users achieve fitness goals with smart diet plans, goal-oriented nutrition products and on-the-go workouts. The company was founded in 2013.

For the financial year ended March 2019 (FY19), the company reported total revenues of Rs 4.5 crore, a 294% year-on-year rise. It posted a loss of Rs 20,116 in FY19, and profit of Rs 1.3 lakh in FY18. It is yet to file financials with the Ministry of Corporate Affairs for the year ended March 2020.

“OZiva symbolises the future of wellness and nutrition, with its vision to be the #1 plant-based nutrition brand in the country. Its maniacal product focus using the highest quality ingredients, as well as leveraging the power of content and community to educate and learn from consumers makes it a truly differentiated offering,” Sanjot Malhi, director at Matrix India, said.

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With about $1 billion under management, Matrix Partners India has had a keen eye for investing across some of the country’s leading B2C brands, such as Ola, Vogo, DailyNinja and Practo.

Its San Francisco, California-based parent Matrix Partners has a global network of funds investing in the US, China and India, with about $5 billion under management.