D2C Ayurveda Startup Kapiva Raises $60 Mn To Fuel International Expansion

D2C ayurveda brand Kapiva has raised $60 Mn (INR 532 Cr) in a Series D round co-led by 360 ONE Asset and Vertex Growth.

Besides, existing investors Vertex Ventures and 3one4 Capital also participated in the round.

The round was a mix of primary and secondary transactions, with $28 Mn capital infusion netted via primary transaction. The remaining $32 Mn came in via a secondary deal, giving an exit to Kapvia’s early investors.

The startup said that the newly raised capital will be deployed in boosting its research and development (R&D), manufacturing capabilities, along with marketing activities.

Kapiva cofounder Ameve Sharma told Inc42 that the brand will be allocating some capital for international expansion. He claims that the startup has been seeing about 5-10% of its revenue come from its international subsidiaries set up in the UK, US and UAE.

Founded in 2016 by Sharma and Shrey Badhani, Kapiva makes ayurvedic nutrition products including supplements, gummies, capsules, skin care products, among others. It has more than 100 SKUs. The startup also enables consultation with ayurvedic doctors.

Sharma claimed that Kapiva’s diabetes supplement is the highest selling item in India. 

“The top 5 categories contribute to 96-97% of revenue, which comprises diabetes, then the gym supplement category, followed by energy supplements, heart and liver,”he added.

Including this round, Kapiva has raised about INR 900 Cr since its inception, along with seeing INR 300 Cr secondary transactions. Its other investors include actor Malaika Arora Khan, Fireside Ventures, OrbiMed and Baidyanath Group. 

The startup is yet to disclose its financial performance for the fiscal year FY25. In its last financial disclosure for FY24, Kapiva saw its operating revenue almost doubled to INR 228.6 Cr from INR 114.5 Cr in the previous fiscal. At the behest of the top line growth, it trimmed its loss by 25.4% to INR 48.2 Cr, while it posted a loss of INR 64.6 Cr in FY23.

The startup’s fundraise comes at a time when Indians are increasingly leaning towards natural and herbal wellness products across categories — from skincare to supplements and functional beverages.

Riding this wave, D2C ayurveda brands are positioning themselves at the intersection of tradition and modern consumer demand.

The ayurvedic and herbal wellness space, however, is getting more competitive with players such as OZiva, Himalayan Organics and The Ayurveda Co (T.A.C), all vying for market share. Larger FMCG incumbents like Dabur, Himalaya, and Patanjali are also ramping up their portfolios and marketing spends to capture the younger, urban consumer base.

The market size of Indian ayurvedic products is expected to reach about INR 3.21 Lakh Cr by 2032, growing at a CAGR of 17% from 2024.