Gurugram-based ayurvedic healthcare beverages startup KivaShots has raised an undisclosed amount of funding in an angel round led by a consortium of investors.
The funding round saw participation from Max Life Insurance CEO Rajesh Sud, Max Healthcare MD Rajit Mehta, Ward Ferry Management chief information officer Vineet Mitera, MindTickle cofounder Mohit Garg, Zomato cofounder Pankaj Chaddha and Startup Buddy cofounder Amit Singal, reports ET.
KivaShots will deploy the proceeds towards product development, marketing, and geographical expansion.
According to KivaShots founder Shalabh Gupta, the firm operates in the Rs 15,000-crore Ayurveda food and beverages segment, which is growing 25-30% year-on-year. He also added that he started the firm as he believed that there was a need to make Ayurveda more exciting for millions of customers, including himself.
Besides India, the firm also wants to explore international market such as the US, UK and Middle East in this year.
Currently, there is number of startups operating in health-focused beverages including Juice Maker, Goodness! Beverages, Valencia Nutrition, RAW Pressery, Yose among others.
As per KivaShot’s calculation, the market size of these drinks in India is more than Rs 1,500 crore and an equally big market overseas.
According to research conducted by IMAGES Group – the publisher of Progressive Grocer India – for The India Food Report 2016, the market for beverages in India is close to Rs 195,000 crore and is growing at 20–23 per cent. This growth rate will take the category at three-and-a-half times of its present size by 2020.