Consumer healthcare brand Onelife Nutriscience Pvt. Ltd has raised Rs 5 crore ($697,627 at current exchange rate) in a pre-Series A funding round, according to several reports.
Mumbai-based Onelife raised the money from a clutch of high net-worth individuals in the pharmaceutical, healthcare and chemicals industries, The Economic Times reported.
VCCircle has reached out to Onelife on the details of the funding and the investors who took part in the round, and will update this report accordingly.
The startup is expected to use the capital it has raised to expand to newer cities as well as for marketing and team-building. Currently, it has over 100 products in the nutrition, wellness and beauty segments, with a presence in at least 15 cities in the country.
Company founder Gaurav Aggarwal said Onelife was also targeting to grow by three times in the next 18 months, according to The Hindu BusinessLine.
According to its website, the company began operations in 2017, and says its vision is to make Indians fitter through products that are backed by research and expert insights.
Some of the categories its products fit into include sports nutrition supplements, herbal supplements, beauty and personal care, micronutrients and antioxidants, and superfoods.
Deals in consumer healthcare segment
The healthy snacks and consumer healthcare segment has recorded a few transactions in recent months. For example, venture capital firms Matrix Partners and Sauce.vc provided seed funding to protein bar maker And Nothing Else, a company launched by a former Unilever executive earlier this year.
In May, a top executive of a dietary supplements brand told VCCircle that his startup had raised seed funding from a seed investments-focused proprietary fund. The brand, Power Gummies, said that the fund infusion would help the company scale up and launch other health supplement variants.
In January, a unit of Parle Products Pvt. Ltd, which owns popular biscuit brand Parle-G, invested in healthy snack bar maker WIMWI Foods Pvt. Ltd.
In December 2018, Nutrisattva Foods Pvt. Ltd, which offers protein-based functional foods under the Proliva brand, secured funding from Mumbai Angels Network.