Mumbai-based nutraceutical company Axys Nutrition Products Pvt. Ltd. that operates nutrition and nutraceutical products under the brand name Nutrova has raised an undisclosed amount in a pre-Series A round from DSG Consumer Partners. Nutrova will use the funds for product innovation, clinical studies and to scale up the business.
Founded by Akshay Pai in 2013, Nutrova is engaged in developing research-driven products that provide measurable outcomes for a variety of health goals, enabling individuals to take charge of their health. The brand currently focuses on two segments: skin and hair health; and fitness and weight management. It retails its products directly to consumers online through its website and is available in select pharmacies.
Commenting on the fundraise, Akshay Pai, Founder & CEO, Nutrova said: “Our fundamental belief at Nutrova is that the right nutrition, 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. We are confident that DSG, with their experience in the consumer space, will provide us with invaluable guidance moving forward.”
Nutrova’s focus on evidence-based nutrition has led to clinical studies that measure the efficacy of its products on Indian population. Its skin health product Nutrova Collagen+Antioxidants is a combination of marine collagen peptides and a proprietary blend of natural antioxidants. The product has been through a clinical study measuring its effects on Indian skin, the results of which have been recently published in The Journal of Cosmetic Dermatology. The effects of Nutrova Collagen+Antioxidants on skin health were evaluated in this first-of-its-kind study on Indian women over a period of 60 days.
Prior to using Nutrova Collagen+Antioxidants, participants were given a placebo for 30 days to establish a baseline for comparison. Measurements were taken using specialized instrumentation, 3D imaging and clinical evaluation by a specialist. Results observed included significant improvements in skin hydration and firmness and reductions in wrinkle width and skin roughness. This study is registered at the Clinical Trial Registry of India (CTRI) with registration number CTRI/2018/07/14808.
Deepak Shahdadpuri, Managing Director of DSG Consumer Partners said: “DSGCP has actively been looking at best in class insurgent brands in India’s health and wellness segment, including nutraceuticals and supplements. As Indian consumers become more affluent, a larger share of wallet is spent on health & 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. Akshay has been focused on the science and data whilst building the business in a capital efficient manner. One of the very few businesses that is already breaking even at the time of our initial investment. We are excited to partner with him to build a leading brand in the premium nutraceuticals category.”
Nutrova currently sells 8 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 high quality, vegan source of protein for fitness and weight management.