The startup plans to use the proceeds to venture into the offline market and conduct research and development activities
Currently, it earns over 80% revenue from its website while about 20% of its proceeds come from ecommerce marketplaces
The startup competes with the likes of Namyaa, Purely Yours and Swastik Ayurveda
Ayurveda-based D2C startup Gynoveda has raised $10 Mn in a Series A funding round led by India Alternatives Fund. The startup’s existing investor, Fireside Ventures, and new investors Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital also participated in the funding round.
With the current round of funding, Gynoveda has so far raised $11 Mn in funding from various investors.
As per Gynoveda cofounder Vishal Gupta, “Almost 1 Bn women across the globe are suffering from 30 different kinds of gynaecologists disorders. Also, India holds a massive share out of that 1 Bn.”
In a bid to help women cure gynaecological disorders such as infertility, PCOS and pigmentation, Vishal Gupta, Rachna Gupta and Dr Aarti Patel founded Gynoveda in 2019.
The ayurveda-based startup predominantly sells FDA-certified products to cure infertility, genital problems, irregular menstrual cycle, poor nutrition and wellness in women. It sells these products via its website and other ecommerce marketplaces such as Amazon, Flipkart and Nykaa.
“Our philosophy is that we can solve gynaecological disorders for women, without putting them on life-long medications. We can help them get rid of gynaecological problems in a time period of 6-8 months or one year, based on their chronicity,” Vishal told Inc42.
The startup plans to use the proceeds to venture into the offline market and conduct research and development activities. It will further deploy funds to hire talent and carry out brand marketing activities.
Speaking about the offerings, Vishal stated that on every product purchase, the startup provides unlimited doctor consultations, a diet book and access to webinar sessions to its customers.
Currently, it earns over 80% revenue from its website while about 20% of its proceeds come from ecommerce marketplaces. It claims to hold 70% as gross margin in its products.
The startup asserts that it has a customer base of 3 Lakh women, which it sees growing to 1 Mn in the next three years. It claims to have annualised revenue of INR 100 Cr.
In India, the startup competes with the likes of Namyaa, Purely Yours and Swastik Ayurveda.
According to an Inc42 report, the country’s D2C players lapped up $3.6 Bn between 2014 and 2022.