Kalpavriksh Fund Exits D2C Brand The Ayurveda Experience With 6X Returns

Kalpavriksh Fund, a venture capital fund managed by Acorn Fund Consultants, has exited D2C beauty and health brand The Ayurveda Experience (TAE) with over 6X returns. 

The development comes months after TAE raised $27 Mn in its Series C funding round from Singapore-based VC firm Jungle Ventures, SIDBI Ventures, Anicut Capital and Sharrp Ventures in March this year.

Kalpavriksh Fund first invested in the D2C startup in 2019 in its Series A fundraise, and subsequently participated in multiple follow-on rounds. Kalpavriksh then invested a total of INR 15 Cr in two startups – TAE and Dunzo. Kalpavriksh was then Centrum Group’s fund.

In 2023, Kalpavriksh Fund was acquired by Prowess Advisors, a global pioneer in food and agri-business advisory services, which forayed into the fund management space by acquiring Acorn Fund Consultants Pvt Ltd from the Centrum Group. 

Kalpavriksh is also an investor in EV cab aggregator BluSmart.

On the other hand, TAE was founded in 2010 by Rishabh Chopra. The D2C brand manufactures and sells beauty products such as hair oils, moisturisers, lotions, creams, and scrubs. It also offers services such as consultations, content, webinars, and courses on Ayurveda.

Commenting on the exit from TAE, Kalpavriksh Fund chief investment officer Saransh Verma said, “The Ayurveda Experience’s dedication to harnessing the power of ayurveda for a global audience has been truly impressive. The business has scaled over 10 times since then and has significantly expanded its customer base and product portfolio. 

TAE competes with the likes of The Ayurveda Co.(T.A.C), Kapiva, and Alphavedic in the ayurvedic D2C products market.

Meanwhile, Rajesh Srivastava, chairman of Acorn Fund Consultants, said that the company has launched a second scheme in the Kalpavriksh family of funds with a target corpus of INR 500-750 Cr, which is focused on offering bespoke private credit products to the food, agribusiness and sustainability sectors.