Gynoveda, a startup that provides Ayurveda-backed healthcare solutions for women, has raised $10M in Series A funding led by India Alternatives Fund. Other participants in the round include several family offices and institutions such as Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital. The company’s previous investor, Fireside Ventures, also participated in the round. The startup, founded by Rachana and Vishal Gupta and Dr. Aarati Patil in 2019, aims to make Ayurveda-based self-care solutions for gynaecological and lifestyle-related disorders affecting women from puberty to menopause accessible.
The new funds will be used to raise awareness of the importance of menstrual health on a grassroots level, but also to strengthen research and development and formulate new ayurvedic offerings. The company also plans to expand its distribution channels. The startup currently sells its products direct-to-consumer on its own website and on various other online marketplaces and plans to build out its retail presence.
Vishal Gupta, the CEO of Gynoveda, stated that the company has improved the health of 300,000 women residing in 20,000 pincodes of India, and tripled its revenue year-on-year between FY20 and FY23 to reach an annual revenue run rate of INR 100 crores (ca. $12M) within three years of inception.
“This investment fits perfectly with our investment themes of women and health. Women’s health globally is an underserved market. We are proud to back a company that uses an age-old science like Ayurveda in a new format to provide solutions for this large addressable market,” said Shivani Bhasin Sachdeva, Founder, Managing Director, and CEO of the India Alternatives Private Equity Fund.
Gynoveda raised a $1M in seed round led by Fireside Ventures in 2019. In 2022, Bollywood actor Tapsee Pannu joined the brand’s mission as a brand ambassador.