Axys Nutrition Products Pvt. Ltd, which makes nutrition and nutraceutical products under the brand name Nutrova, on Monday said it has raised funding from consumer-focused venture capital firm DSG Consumer Partners.
The investment is part of the company's pre-Series A funding round, Nutrova said in a statement without disclosing the financial details of the transaction.
The Mumbai-based startup will use the funds for product innovation, clinical studies and business expansion.
Nutrova, which was founded by Akshay Pai in 2013, currently focuses on two segments: skin and hair health and fitness and weight management. It ships its products exclusively through its website and has a retail presence in Mumbai and Bengaluru.
Pai has an MBA degree from the Indian School of Business (ISB) and did his BTech in Biotechnology from Anna University, Chennai.
Deepak Shahdadpuri, managing director at DSG Consumer Partners, said the evidence-based, clinical research centered approach adopted by Nutrova will be a very important purchase consideration for Indian customers.
He also added that Nutrova is one of the very few businesses that is already breaking even at the time of its initial investment.
The nutraceuticals market is expected to expand as Indians become more health-conscious.
In a recent deal in the space, Pradip Burman, the grandson of FMCG major Dabur founder S K Burman, sold his nutraceutical business Sanat Products Ltd to the India subsidiary of German company Dr Willmar Schwabe GmbH.
The venture capital firm is investing out of its third fund, which had marked the final close at $65 million last year.
Earlier in January, DSG Consumer led an investment in Aesthetic Nutrition Pvt. Ltd, which sells chewable dietary supplements under the brand Power Gummies.
The VC firm had marked the final close of its second fund at $50 million (Rs 319 crore) in August 2017.
DSG Consumer’s investments from the second fund in India include yogurt maker Epigamia, mother and baby-care venture The Mom’s Co, craft beer startup Goa Brewing Co, vegan personal care brand Arata and cold brew coffee venture Sleepy Owl. Its investments in Southeast Asia include Indonesia’s YouVIt and Singapore’s SaladStop.
The VC firm had raised $12 million for its first fund and made 21 investments starting in 2013. At the time, it had also raised DSGCP Souza, a $10 million co-investment fund.
Its investments from the first fund include hospitality chain Oyo, mobile payments service provider Mswipe Technologies, specialty food ingredients maker Veeba Foods, restaurant reservations and rating platform Eazydiner, personal coaching firm GOQii, frozen dry fruit and vegetable firm Saraf Food and specialty cheese maker Exito Gourmet.