Asian investment firm Everstone has been buying into mostly pharma biotech firms recently as it moves into what it called the ‘health and wellness space’.
OmniActive said the funds would help it expand its portfolio beyond its core extracts range encompassing capsicain, curcumin, ginger, lutein, zeaxanthin and salacia – although it did not specify how exactly.
The money will also permit the 11-year-old firm to pursue acquisition targets.
The deal sees the VC take a minority stake in OmniActive and Everstone India managing director Deep Mishra join the OmniActive Board along with ex-DSM Nutritional Products CEO Dr Leendert Staal.
“This investment aims at helping OmniActive scale its already strong presence in the fast-growing nutraceutical space,” said Everstone Group co-founder and managing director Sameer Sain.
OmniActive managing director Sanjaya Mariwala said in a statement the investment would “bring a wider product portfolio of responsibly made ingredients to our customers through our strategic acquisitions.”
After publication, Mariwala told us: "With the entry of Everstone, we expect to see an acceleration of our inorganic growth strategy with acquisition of products, technologies and markets to complement our current targeted portfolio, including weight management, sports and performance nutrition, metabolic health and eye, brain and gut/digestive health."