Axys Nutrition Products, a Mumbai based company, has raised an undisclosed amount of funds in pre Series A funding round led by DSG Consumer Partners.
A nutraceutical company, under the brand name of Nutrova, develops its evidence-based nutrition and nutraceutical products which are designed to help obtain the proven benefits of high-grade nutrients in a simple and sustainable manner. The company is said to work on product innovation, clinical studies and to scale up its business using the funds.
Considering the company’s focus on evidence-based nutrition and nutraceutical products, it had also conducted clinical studies that measure the efficacy of its products on the Indian population. The effect and study of which was published in The Journal of Cosmetic Dermatology. The study was based on the company’s Nutrova Collagen+Antioxidants product on skin health which was evaluated in this first-of-its-kind study on Indian women over a period of 60 days. Prior to this, participants were also given a placebo for 30 days to establish a baseline for comparison. This study is registered at the Clinical Trial Registry of India (CTRI).
Commenting on the funding round, Akshay Pai, Founder and CEO, Nutrova said, “Our fundamental belief at Nutrova is that the right nutrition if properly delivered, can enable everyone to take charge of their health. We’re excited to partner with DSG on this journey to develop the best products possible and to make them easily accessible as well. The resources from this funding will enable us to continue our research-driven product development as well as to scale our team and presence.”
“As Indian consumers become more affluent, a larger share of wallet is spent on health and wellness. We believe that the evidence-based, clinical research centered approach adopted by Nutrova will be a very important purchase consideration for customers as awareness levels increase,” Deepak Shahdadpuri, Managing Director of DSG Consumer Partners added.
Founded by Akshay Pai in 2013, the company claims that its mission is to develop research-driven products that provide measurable outcomes for a variety of health goals, enabling individuals to take charge of their health. Its company currently is focussing on products for skin and hair health, digestive health, fitness and vegan nutrition.
The company ships to consumers pan-India exclusively through its website and also has a retail presence in Mumbai and Bengaluru and some selected pharmacies.
Currently, Nutrova sells eight SKUs including Nutrova Collagen + Antioxidants and Nutrova Antioxidants for skin health, Nutrova Kerastrength for hair health, Nutrova Complete Omega 3, Nutrova Functional Fibre, Nutrova Whey Protein Isolate and Nutrova Pea protein, a vegan source of protein, for fitness and weight management.
Since its establishment in 2013, DSGCP has backed over 40 startups exclusively in consumer brands and businesses in India and South-East Asia. It is investing from its third fund, currently manages $200 million of committed capital and has investment professionals and advisors in Mauritius, Singapore and Mumbai.