Healthy food company Kaarya Naturals Pvt. Ltd has raised an undisclosed sum from Roots Ventures, a Mumbai-based multi-stage and sector-agnostic investment platform.
The Mumbai-based company markets its products, including a range of protein and healthy bars, under the Eighty20 brand.
In a statement, Kaarya Naturals said it is planning to expand its range of health-focused snacks. Company founder and chief executive officer Kajal Bhatia said the startup had been looking for a long-term partner whose values fit well with it.
Roots Ventures managing partner Japan Vyas said the firm was confident about its investment because of Bhatia’s experience in the health and nutrition segment. “Consumers are focusing on nutrition and vegetarians are looking for ways to overcome protein deficiency in their traditional diet,” Vyas said.
Kaarya Naturals was founded in November 2017. The company says its aim is to address the needs of consumers looking for healthy snacking options. The Eighty20 brand manufactures, markets and sells products that are made with vegan and gluten-free processes.
Vyas founded Roots Ventures in November last year after leaving Sixth Sense Ventures, where he was managing partner.
Roots Ventures was formed in partnership with Ravinder Vashist, who previously worked with mid-market private equity firm Banyantree Finance Pvt. Ltd. According to reports, Hunch Ventures founder Karanpal Singh picked up a significant minority stake in Mumbai-based Roots Ventures.
The firm reportedly raised a corpus of Rs 300 crore for its first fund, Roots Ventures-I. Other companies it has invested in from the fund include sweetmeat packaging and preservation startup Misht, and pet products and hygiene startup Captain Zack.