Domestic D2C ayurvedic nutrition brand Kapiva raised $10 M from existing investors
The domestic D2C ayurvedic nutrition brand Kapiva, in partnership with 3One4 Capital and Vertex Ventures, has raised Rs 83.5 crore, or roughly $10 million. The campaign was spearheaded by OrbiMed Asia.
According to Kapiva’s regulatory filing, which was obtained from the Registrar of Companies, the board approved a special resolution to issue 5,62,631 compulsory convertible preference shares in order to raise the aforementioned amount.
With Rs 52.2 crore, OrbiMed Asia led the round. Vertex Ventures and 3One4 Capital also participated, contributing Rs 19.33 crore and Rs 11.96 crore, respectively. The new funding seems to be a part of Kapiva’s Series C round, which aims to raise Rs 250 crore in total.
The company has raised Rs 132 crore in the current round with the new tranche. In October 2022, it had already raised Rs 48.75 crore ($6 million) in Series C funding from OrbiMed and other current investors.
Also, Kapiva has expanded the size of its employee stock plans (ESOPs) by adding 1,415,00 new shares, increasing the total ESOP pool to $4,47,741, according to a separate filing. Its ESOP pool size is currently estimated by the media to be worth Rs 66 crore.
These funds will be used by Kapiva for business development and expansion. To date, Kaviva has raised over $30 million, and some of its notable backers include 3One4Capital, Jetty Ventures, Fireside, OrbiMed, and others. Media reports state that the company’s post-allotment valuation is approximately $80 million.
Established in 2015, Kapiva is an ayurvedic nutrition brand that provides natural and organic skincare and health products in the form of juices, tea, oils, shakes, and other beverages for hair loss, weight loss, digestion, and diabetes.
In the fiscal year that concluded in March 2023, Kaviva saw an 87% year-over-year increase to Rs 116.48 crore, while the company also experienced a Rs 64.5 crore loss during that time. The annual results for FY24 have not yet been filed by Kapiva.
While there are many organized brands in the D2C ayurveda market, some of Kapiva’s main rivals include Upakarma Ayurveda, Dr. Vaidya’s, and Varalife.
