Mumbai-based ayurvedic healthcare and wellness startup, Kapiva Ayurveda, has received funding commitments of $2.3 Mn (INR 17 Cr) from a group of investors, including early-stage investment firms, Fireside Ventures and Mohandas Pai’s family office.
Kapiva’s existing investors including Maninder Gulati, chief strategy officer at OYO Hotels and Homes, and Madhusudan Kela, chief strategist at Reliance Capital, among others, have also participated in the latest round of funding.
The company plans to use the fresh funds to strengthen its presence in existing markets across major retail formats, while also adding to its product portfolio through the launch of teas and juices, among others.
Founded in 2016 by Baidyanath Group scion Ameve Sharma, Kapiva Ayurveda caters to new-age consumers and seeks to merge the ancient Ayurvedic tradition of Baidyanath Group with modern-day science and technology. Kapiva Ayurveda has a portfolio of more than 40 Ayurvedic food products. The startup is present in over 4000 outlets in 10 cities across India. Products are also available across all major online channels such as Amazon and BigBasket. The brand is now available in both online and offline channels in the US.
The company has close to 200 GMP-certified (good manufacturing practice) products including capsules, oils and syrups. It caters to problems ranging from a cough and cold to diabetes and digestive system ailments and skin and hair issues.
Kapiva Ayurveda has entered offline channels in top cities through both traditional retail and modern trade outlets such as Reliance Retail and Nature’s Basket. The brand now aims to go deeper in its focus markets and increase store presence and density in the top cities while also scaling internationally.
The total natural care segment in India, which includes Ayurveda and herbal products, is estimated to be $5.6 Bn- $6.31 Bn (INR 40,000 Cr- INR 45,000 Cr) according to a Nielsen Indiareport from 2016. Of this, medical or healthcare products account for nearly 25%.
The Nielsen report estimates that the natural segment in India’s personal care market, which includes products made of natural, herbal and Ayurvedic ingredients, is pegged at $2.59 Bn (INR 18,500 Cr). This is 41% of the total personal care market and has been growing nearly two times as fast as the overall market.
Update 2:26 pm, January 24, 2019:
An earlier version of the story erroneously stated that Kapiva Ayurveda has received funding from 3one4 Capital instead of saying that it received a capital commitment from Mohandas Pai’s family office. The error has been corrected.