Clinical Nutrition, a firm which offers functional foods and beverages, has raised an undisclosed amount in angel funding from a clutch of wealthy individuals.
The firm said in a statement that digital video company Zenga TV’s managing director Shabir Momin and Singapore-based investor Rohit Nanda were among the angels who contributed.
Launched in 2014, the company offers products such as whole food bars, vegan dark chocolate, antioxidant drinks, drinking chocolate and protein bites.
It claims to have developed bio-specific nutritional supplements for targeting special needs such as disorders and diseases like cancer, chronic kidney disorder, diabetes, nutrient deficiency, obesity and fitness-focussed products for professional sportspersons.
“People suffering from chronic disorders need customised nutritional support which is currently unavailable,” said Swapnaja Shinde, founder and managing director of Clinical Nutrition. “We are working on developing customised products with nutrition.”
The nutrition bar segment is still nascent in India. Market research firm TechSci Research estimates the market for nutrition bars in India will grow at a compounded annual growth rate of 29% between 2015 and 2020 fuelled by rising consumer spending, growing incidence of lifestyle diseases and a surging youth population.
A few companies in the space have raised external funding over the past year.
In June, homegrown private equity firm Rabo Equity Advisors Pvt. Ltd invested in Naturell India Pvt. Ltd, which makes nutrition bars under the Rite Bite brand.
The same month, Wholesome Habits Pvt. Ltd, which sells healthy snack bars under the brand name Eat Anytime, raised $500,000 (Rs 3.43 crore) in seed funding from early-stage investment firm Sprout Venture Partners and a few high-net-worth individuals.
Last April, Mumbai-based LightSaber Food Ventures Pvt. Ltd, which sells healthy snacks through online and offline channels under the Snackible brand, had raised an angel round of funding led by a clutch of individual investors and high-net-worth individuals.