Pune-based HW Wellness Solutions Pvt. Ltd, which owns and operates health foods startup True Elements, has raised Rs 5 crore ($788,500) in a pre-Series A funding round led by the RP-Sanjiv Goenka Group.
Its existing investors and a few new investors also participated in this round, the startup said in a press statement, without elaborating.
The company will use the fresh funds for product development, marketing and go-to-market initiatives.
True Elements offers a range of snacks and natural supplements through its website and other online marketplaces. The company also operates a wellness solutions portal under the brand name HealthyWorld.in, which offers health advisory content besides marketing and selling health and wellness products and services on the platform.
The company was founded by Puru Gupta and Sreejith Moolayil in 2014. Gupta previously worked with Procter & Gamble and Moolayil was the HR head at Cognizant Technology Solutions.
“We are almost reaching the Rs 1 crore monthly net sales mark, and believe that the brand will reach a value of Rs 100 core in this calendar year itself," Gupta said.
In January 2015, the company had raised angel investment of $200,000 (about Rs 1.23 crore) from a group of investors.
Kolkata-based RP-Sanjiv Goenka Group had launched an eatables business under the Too Yumm brand last year.
Recent investments in the segment include HealthSutra, a Hyderabad-based health food maker, which raised an undisclosed amount in pre-Series A funding from social venture fund Ankur Capital and Hyderabad Angels in May last year. HealthSutra makes and markets packaged foods made from millets, i.e, jowar, bajra and ragi.
Kiji Foods & Beverages Pvt. Ltd, which markets health drinks under the brand Fit-O-Slim, had raised angel funding from the founders of medical advisory portal HealthcareMagic.