Ayurveda brand Gynoveda raises $10 million
Ayurvedic female-tech brand Gynoveda on Wednesday said it has raised $10 million in a Series A round of funding led by India Alternatives Fund. Other participating investors included Wipro Enterprises, RPG Ventures, Dharampal Satyapal and Alteria Capital.
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Existing investor Fireside Ventures, which had earlier invested $1 million as seed capital in October 2019, also participated in the round.
Gynoveda was founded in 2019 by the husband-wife duo Rachana Gupta and Vishal Gupta alongwith gynecologist Dr. Aarati Patil with an aim to democratise Ayurveda-enabled, curative self-care solutions for gynaecological and lifestyle-related disorders women face from puberty to menopause.
“Gynoveda has so far improved the health of 3 lakh women residing in 20,000 pincodes of India. This led to the company tripling its revenue year-on-year between FY20 and FY23 to reach ₹100 crores annual revenue run rate within 3 years of its inception,” co-founder and CEO Vishal Gupta said.
The company aims to use the fresh capital to double down on strengthening research and development, formulating new ayurvedic offerings, onboarding talent, expanding distribution channels and increasing brand awareness. It also plans a move in the offline market.
Currently Gynoveda has a little over 50 members in staff.
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“This investment fits perfectly with our investment themes of Women & Health. Today, over 40% of online shoppers are women, up from 10% a few years ago. Women’s health globally is an underserved market,” Shivani Bhasin Sachdeva, founder, managing director and CEO, India Alternatives Private Equity Fund, said.Gynoveda with an aim to revolutionise the $9.6 billion global women’s healthcare industry sells ayurvedic proprietary medicines certified by the United States Food and Drug Administration and India’s National Accreditation Board for Testing and Calibration Laboratories.
The medicines help treat the root cause of over 20 period disorders including polycystic ovary syndrome, infertility, irregular periods and vaginal health among others.
Direct-to-consumer Ayurveda brand The Ayurveda Co on Monday has raised Rs 100 crore in a Series A round funding round for expanding offline presence, among other priorities.
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