Nutrisattva Foods Pvt. Ltd, a company that offers protein-based functional foods under the Proliva brand, has raised funding from the Mumbai Angels Network.
The company will mainly use the funding to launch health food and consumer products, it said in a statement. It didn't disclose the amount it raised.
The Anand, Gujarat-based company claims its vegetarian products contain no additives or preservatives and are fortified with vitamins, superfoods and ayurvedic ingredients.
“We want consumers to make Proliva a part of their daily food consumption habit rather than viewed as a supplement,” said co-founder Shirish Upadhyay.
Upadhyay started Proliva along with BM Vyas and nutritionist Dr Ravi Khimani.
Upadhyay was previously vice president at Parag Milk while Vyas is a former managing director at Amul, India’s largest dairy company.
Proliva, as per the statement, had earlier raised funding from media conglomerate Bennett, Coleman and Company Ltd (BCCL).
Other deals in health foods segment
A few companies in the segment have raised external funding over the past year.
In June, homegrown private equity firm Rabo Equity Advisors Pvt. Ltd invested (https://www.vccircle.com/exclusive-pe-firm-rabo-equity-invests-in-nutrition-bar-maker/) 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 angel funding from a clutch of individual investors.