OZiva raises $12 million in Series B round drove by Eight Roads Ventures and others

OZiva raises $12 million in Series B round drove by Eight Roads Ventures and others

Direct-to-shopper nutrition brand OZiva has brought $12 million up in a Series B round drove by new financial backer Eight Roads Ventures with interest from F-Prime Capital and existing financial backer Matrix Partners India. 

OZiva had gotten $5 million of every a Series A funding round drove by Matrix Partners in June 2020 alongside Titan Capital. As per OZiva, the new continues will be utilized to assemble the group, innovation stage and enter new item classes to offer more types of assistance. 

While the organization didn't offer subtleties, for example, the reprieve up of the round and valuation, its administrative filings show that OZiva has designated 24,780 Series B inclination shares at an issue cost of Rs 31,961 to raise Rs 79.2 crore. Lead financial backer Eight Roads Ventures has implanted Rs 51.2 crore followed by Matrix and F-Prime with Rs 15.2 crore and 12.8 crore speculation individually. 

The organization hasn't unveiled the apportioning of the excess sum. 

The five-year-old Mumbai-based organization furnishes plant-based nutrition items with a portfolio across classes like ladies' wellbeing, skin, hair, men's wellbeing and general health. It likewise furnishes its clients with admittance to customized diet and wellness conferences, dietary and wellness substance, and local area based occasions through its innovation stage. 

According to dailymint assessments, OZiva has arrived at a post-cash valuation of Rs 580 crore or $80 million. 

Dispatched by Aarti Gill and Mihir Gadani, the organization professes to have crossed an annualized repeating income of Rs 100 crore in the continuous monetary year and plans to accomplish Rs 500 crore in ARR in the following three years. OZiva rivals any semblance of Amway, GNC and a few others.