New Delhi, June 16 -- Nutrition firm TruNativ, backed by consumer goods major Emami, has secured funding from a healthcare-focussed investor as it looks to expand its consumer base and double down on core product categories, according to a top executive.

The Mumbai-headquartered company was founded in 2019 by the mother-son duo Pranav Malhotra and Mamta Malhotra.

On Tuesday, the company secured $30 million (around Rs 284 crore) in a Series B round led by healthcare-focussed private equity firm OrbiMed, to deploy in "strategic" priorities that include national expansion and developing into an omnichannel consumer-health brand. PwC acted as exclusive financial advisor to TruNativ on this transaction.

The round comprised both primary and secondary investment in which Emami reduced its stake to 10% after OrbiMed took a larger position in the company, Pranav Malhotra, co-founder & CEO of TruNativ, told VCCircle.

Venture-capital firms Rainmatter, Venture Catalysts and 100Unicorns have exited the company in the latest round.

Expansion plans

TruNativ plans to use the freshly raised capital to expand its nationwide distribution and grow its business-to-business-to-consumer (B2B2C) ingredient business, which provides nutrition solutions for several consumer brands in India.

The company's distribution network is now "equally split" between D2C and e-commerce, with Amazon as its largest channel, and TruNativ aims to move to an omni-channel approach which includes even Instagram and offline stores, said Malhotra.

Malhotra said that the company is also doubling down its investments in its sugar replacements (Everyday Sweet) and protein products (Everyday Protein, Pro Blend Whey), which includes new water-soluble clear proteins. Malhotra added that he is particularly bullish on the sugar-replacement market, which is witnessing a double-digit growth.

The sugar substitutes market in India is projected to reach a revenue of $1.2 billion by 2033, growing at a compound annual growth rate of 8.8% between 2025 and 2033, according to Grand View Horizon report.

Additionally, the company is investing in an innovation facility in Mumbai, which should be ready in about a quarter. Next year, TruNativ is looking to enter multivitamins and nutraceuticals, and over time will aim for global expansion with the Asia-Pacific region as the first stop.

Background

TruNativ started as a single sugar-replacement product and has grown into a clean-label nutrition platform spanning sugar alternatives, protein, gut health and wellness.

In 2021, TruNativ raised an undisclosed amount in seed funding led by 100Unicorns, with participation from individual investors. A year later, FMCG major Emami acquired more than 20% stake in the company, while backing a cohort of startups.

In 2024, Zerodha-backed Rainmatter invested Rs 10 crore in TruNativ in an equity round.

Financials

TruNativ experienced strong growth in the five years through FY25, with its topline increasing by a factor of 2-5x each year, according to VCCEdge, the data platform associated with VCCircle. The company closed fiscal 2025 with a standalone revenue of Rs 37.7 crore and an EBITDA loss of Rs 12.7 crore and a net loss of Rs 13.5 crore, according to the data platform.

Malhotra said the company closed FY26 with Rs 125 crore in revenue, while reaching EBITDA breakeven.

"Right now we would want to acquire and build our consumer base and this is where the investment will come handy," he said.

Published by HT Digital Content Services with permission from VC Circle.