Gynoveda, a women-focused Ayurveda D2C brand, has raised $10 million in a series A round led by India Alternatives Fund. It is the first round of investment for the Mumbai-based company this year.
Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital, along with existing investor Fireside Ventures, also joined the latest funding round.
Gynoveda said it will use these proceeds to strengthen research and development, formulate new ayurvedic offerings, onboard talent, expand distribution channels, and increase brand awareness.
The startup last raised $1 million in a seed round led by Fireside Ventures in October 2019. Last year, it also roped in Bollywood actor Tapsee Pannu as a brand ambassador.
Founded by Rachana and Vishal Gupta and Dr. Aarati Patil in 2019, Gynoveda aims to make Ayurveda-based self-care solutions for gynecological and lifestyle-related disorders affecting women from puberty to menopause more accessible.
The startup registered a 3.25X growth in scale to Rs 17.58 crore during FY22 as compared to Rs 5.40 crore in FY21, as per the annual financial statement with the Registrars of Companies. Its losses also blew up 1.9X to Rs 4.51 crore in FY22 from Rs 2.28 crore in FY21.