OZiva and Nextbillionai are recent examples of startups that have caught investor interest even during Covid-19. They also represent diverse points on the spectrum of startups being funded in this time
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Some startups in India and southeast Asia have found favour with investors even amid the Covid-19 pandemic, either because there is inherent potential for their business to grow or because the pandemic has made their business even more relevant to customers.
Mumbai’s OZiva, which makes and markets ‘clean label’ products aimed mostly at women, is an example of the former kind, because awareness is only growing among its target customer base about the importance of minimally processed foods and nutraceuticals.
It was founded by Aarti Gill and Mihir Gadani in mid-2016, with the vision of building a clean, plant-based nutrition brand. Matrix Partners India led a $5 million series A round in OZiva, the early stage venture capital firm said in a press release on June 25. Existing investor Titan Capital joined in.
The startup is working to build a nutrition and fitness ecosystem that combines the best of ancient sciences such as Ayurveda and modern micronutrients, and it taps a digital community. It has products for everyday fitness, along with skin and hair nutrition. OZiva targets consumers ranging from young adults to middle-aged people, with women as their primary target audience—offering them personalised consultations as well.
The health and nutrition space is under-tapped in India, Sanjot Malhi, a director at Matrix India, said in the release. India’s nutraceuticals market is at over $5 billion today and is expected to double in the next five years, the release added. OZiva expects to use the fresh investment for R&D, technology, team expansion and to widen its customer base.