Ayurveda D2C startup Gynoveda secured $10 M Series A funding from India Alternatives Fund
Ayurveda D2C brand Gynoveda has secured $10 million in a series A round-headed by India Alternatives Fund. It focuses on women. It is the Mumbai-based company’s first financing round of the year.
Together with previous investor Fireside Ventures, the most recent fundraising round included participation from Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd., and Alteria Capital.
Gynoveda stated that it will put these earnings toward enhancing its R&D efforts, creating fresh ayurvedic products, bringing on new employees, extending its network of distribution channels, and raising brand recognition.
In October 2019, Fireside Ventures sponsored a seed round in which the firm most recently raised $1 million. Also, it signed Bollywood actress Tapsee Pannu to serve as a brand ambassador last year.
Gynoveda was established in 2019 by Dr. Aarati Patil, Rachana, and Vishal Gupta, and they seek to provide access to Ayurveda-based self-care remedies for gynecological and lifestyle-related illnesses impacting women from adolescence to menopause.
According to the startup’s annual financial statement filed with the Registrars of Companies, its scale increased by 3.25X to Rs 17.58 crore in FY22 from Rs 5.40 crore in FY21. Moreover, it had a 1.9X increase in losses, from Rs 2.28 crore in FY21 to Rs 4.51 crore in FY22.
