Early-stage venture capital firm Matrix Partners India has led a $5 million (Rs 37crore) Series A funding round in plant-based nutrition brand OZiva.
Mumbai-based OZiva will primarily use the capital to invest deeper in R&D, technology and team expansion, it said in a statement.
The company's existing investor Titan Capital, an investment vehicle of Snapdeal founders Kunal Bahl and Rohit Bansal, also participated in this round.
"We will keep investing and creating solutions focusing around three pillars of fitness -- nutrition, workouts and mental wellness," said Aarti Gill, co-founder of OZiva.
OZiva was founded by Gill and Mihir Gadani in mid-2016. Gill, who studied at IIT Roorkee and INSEAD, worked with CapitalOne and Credit Suisse before launching FitCircle. Gadani earned an MBA degree from Welingkar Institute of Management.
The company, operated by Zywie Ventures Pvt. Ltd, offers products ranging from fitness to skin and hair nutrition. OZiva specifically serves the 18-55 year-old age group, with women as their primary target audience.
Zywie also runs another platform named FitCircle, which arranges community-based fitness programmes for individuals and corporate groups.
It allows users to chat with nutritionists and health experts. The startup, launched in 2013, provides daily workout challenges and enables users to track their activities through their smartphones.
Matrix has struck a few deals in the healthy snacks and beverages segment in the recent past including women-focused health drink &Me, healthy snacks brands Open Secret and And Nothing Else.
It has backed more than 60 companies including cab-hailing firm Ola, mobile payment services firm Mswipe, digital healthcare firm Practo and social commerce platform Limeroad.
Matrix had said in January last year that it closed fundraising for its third fund at $300 million.
