Kiji Foods & Beverages Pvt. Ltd, which markets health drinks under the brand Fit-O-Slim, has raised angel funding from the founders of medical advisory portal HealthcareMagic.
The Bangalore-based raised funding from Shekhar Sahu and Kunal Sinha to expand across India, its LinkedIn page shows. Kiji Foods co-founder Vaibhav Sinha told VCCircle the company raised Rs 3 crore ($463,000).
The company will use the funding to streamline its supply chain and distribution network, and for product innovation, said Sinha. It will also use the money to bolster its sales team and grow its retail presence, he added.
Kiji Foods started operations last year. It offers zero-sugar, zero-calorie health drinks that it claims helps consumers lose weight and stay healthy.
The Economic Times first reported the fundraising.
Sahu is known to have backed nearly 10 startups in the past. These include LocalQueen, IndoFash and ZoomRoad.
HealthcareMagic was acquired by Ebix Inc, an international supplier of on-demand software and e-commerce services to the insurance, finance and healthcare industries, in 2014.
The nutritional supplements segment is at a nascent stage in India, though there have been a couple of deals in the recent past.
Earlier this year, Genmedic Healthcare Pvt. Ltd, which makes vegetarian nutritional supplements under the Super Gummy brand, raised an undisclosed amount from Brand Capital, the ad-for-equity investment arm of media firm Bennett, Coleman and Company Ltd.
In September last year, healthcare startup Grow Fit acquired nutritional beverage brand Drink King.
India’s dietary supplements market is estimated to double to $4 billion by 2020, according to a 2015 study by industry body Associated Chambers of Commerce and Industry of India and business consulting firm RNCOS.
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