Aarti Gill's journey in the wellness industry began long before she founded Oziva, a plant-based nutrition startup. Her passion for fitness was evident during her time at the Indian Institute of Technology–Roorkee, where she was actively involved in the choreography club. Even amidst the challenges of entrepreneurship, maintaining fitness remained a priority for Gill, who continues to train regularly.
Alongside her husband and co-founder, Mihir Gadani, a marathon runner, Gill transformed their personal commitment to health into one of India's leading nutrition startups. In February, Hindustan Unilever Ltd (HUL) acquired Zywie Ventures, Oziva's parent company, making it a wholly owned subsidiary. Oziva specializes in protein supplements, vitamins, and functional health products aimed at preventive healthcare.
The decision to sell the company was not straightforward for Gill. As she prepared for motherhood, she grappled with the implications of stepping away from a business she had nurtured for nearly a decade. Oziva's growth story is not typical of venture-backed tech companies; it unfolded gradually, emphasizing consumer education on nutrition and preventive wellness.
Early Life and Education
Gill grew up in Chandigarh, surrounded by healthcare professionals. Her academic journey took her to IIT-Roorkee in 2004, followed by a role in an IP consulting startup in Bengaluru. She later pursued a master's degree at INSEAD, which further shaped her entrepreneurial aspirations.
A pivotal moment came during her time at Elevar Equity, where she discovered her passion for building businesses rather than analyzing data. This realization drove her to focus on health and wellness, leading to her initial fundraising efforts in 2013.
Pivoting to Oziva
Initially, Gill aimed to create a digital wellness platform offering consultations and nutrition guidance. However, she soon recognized the need for quality supplements to address prevalent nutritional deficiencies among users. This led to the decision to develop their own products, resulting in the launch of Oziva in 2016.
The name Oziva, inspired by Sanskrit and Hebrew, reflects the founders' commitment to blending traditional wellness concepts with scientific standards. The timing of their launch coincided with the evolving digital landscape in India, allowing them to leverage an existing audience from their earlier platform.
Challenges and Growth
Oziva's growth trajectory faced challenges, particularly during the COVID-19 pandemic when demand surged. By 2021, the company reported approximately ₹80 crore in annual revenue. However, as the pandemic's impact waned, growth began to plateau. The founders recognized that their single-category focus limited their potential in a diverse wellness market.
To adapt, Oziva expanded its product range to include 70–80 SKUs across various wellness segments. This diversification, however, led to increased complexity, prompting a strategic reduction of low-performing products to refocus on core offerings.
Fundraising Journey
The early years of Oziva were marked by financial struggles. After raising initial capital, the pivot to nutrition products made further fundraising challenging. Gill and Gadani faced numerous rejections while seeking bank loans, finally securing ₹10 lakh from the State Bank of India, which funded their first product batch.
As the wellness category gained traction, Oziva began attracting more investment, allowing for portfolio expansion and production ramp-up. The company's products are developed with rigorous testing and are primarily sold online, with some availability in specialty stores.
Acquisition by HUL
As Oziva grew, the founders sought a partner who understood the long-term potential of the wellness sector. HUL emerged as the ideal partner, acquiring a 51% stake in December 2022 for approximately ₹264 crore, with the remaining stake acquired in February for ₹824 crore. This acquisition valued Oziva at roughly ₹1,680 crore.
With this partnership, Oziva gained access to HUL's extensive distribution network and capital, enabling further growth beyond its initial digital audience. The acquisition reflects a broader trend in India's FMCG industry, where wellness has become mainstream.
Future Endeavors
Following the acquisition, Gill and Gadani have ventured into new projects, including establishing Giga Capital to support emerging startups. Gill is also contemplating launching a new health-focused venture, drawing on her experiences from Oziva.
