Ayurvedic female-tech business Gynoveda on Wednesday announced it has secured $10 million in a Series A round of investment sponsored by India Alternatives Fund. Wipro Enterprises, RPG Ventures, Dharampal Satyapal, and Alteria Capital were some of the additional investors who took part.
The round also included previous investor Fireside Ventures, which in October 2019 had contributed $1 million as seed money.
Gynoveda was founded in 2019 by Rachana and Vishal Gupta, as well as gynecologist Dr. Aarati Patil, with the goal of democratizing Ayurveda-enabled, therapeutic self-care solutions for gynecological and lifestyle-related problems women face from puberty to menopause.
Gynoveda has so far helped 3 lakh women in 20,000 Indian pin codes live healthier lives. According to co-founder and CEO Vishal Gupta, this caused the firm to triple its sales annually between FY20 and FY23, reaching a run rate of $100 crores within three years of its founding.
The firm intends to use the additional funding to intensify its focus on enhancing research and development, creating new ayurvedic solutions, bringing on talent, extending its distribution network, and raising brand recognition. Also, it intends to enter the offline sector.
Gynoveda now employs a little over 50 people.
“This investment is a wonderful fit for our Women & Health investing themes. Women now make up over 40% of internet shoppers, compared to 10% a few years ago. According to Shivani Bhasin Sachdeva, founder, managing director, and CEO of India Alternatives Private Equity Fund, the worldwide market for women’s health is neglected.
Gynoveda distributes ayurvedic patent medications that have been approved by the National Accreditation Board for Testing and Calibration Laboratories in India and the United States Food and Drug Administration in an effort to revolutionize the $9.6 billion worldwide women’s healthcare market.
Around 20-period diseases, including polycystic ovary syndrome, infertility, irregular periods, and vaginal health, are helped by the medications by addressing their underlying causes.
The Ayurveda Co, a direct-to-consumer Ayurveda business, secured Rs 100 crore in a Series A fundraising round on Monday for, among other goals, increasing offline presence.