Kapiva touches Rs 115 Cr revenue in FY23; improves economics


Homegrown D2C ayurvedic nutrition brand Kapiva has been growing at a brisk pace in the last few fiscal years and FY23 was no exception. The company nearly doubled its scale with an improved economics in FY23.

Kapiva’s revenue from operations surged 93.74% to Rs 114.5 crore during the fiscal year ending March 2023 from Rs 59.1 crore in FY22, its annual financial statements source from the Registrar of Companies show.

It also made Rs 2 crore from interest on current investments taking the total revenue to Rs 116.48 crore in the last fiscal year.


Founded in 2016, Kapiva is an ayurvedic nutrition brand that offers natural and organic health and skincare products for hair fall, weight loss, digestion, and diabetes in the form of juices, tea, oils, shakes et al. The company claims to conduct more than 80,000 consultations each month.

On the cost front, Kavipa roped in many influencers to augment their sales in FY23. As a result, its marketing cost accounted for 35% of the total expenditure which increased to Rs 64 crore in FY23. Its cost of materials stood at Rs 42 crore during the previous fiscal.

Its employee benefits, freight, professional cum legal, information technology, and other overheads pushed the overall expenditure up by 63.8% to Rs 181 crore in FY23 from Rs 110.5 crore in FY22.

Expenses Breakdown

Total ₹ 110.5 Cr
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Total ₹ 181 Cr
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  • Cost of material consumed
  • Employee benefit expense
  • Cost freight
  • Sales and marketing expenses
  • Professional fees
  • Information Technology
  • Others

At the end, Kapiva’s losses spiked 34.1% to Rs 64.5 crore in FY23 as compared to Rs 48.1 crore in FY22. Its ROCE and EBITDA margin improved to -88.3% and -53.6% respectively. 


FY22 FY23
EBITDA Margin -75% -53.6%
Expense/₹ of Op Revenue ₹1.87 ₹1.58
ROCE -143% -88.3%

On a unit level, it spent Rs 1.58 to earn a rupee in FY23.

Kapiva  raised around $22 million to date including a Series B round raised in October 2021. As per Entrackr’s sources, the firm was in talks to raise Rs 200-250 crore in Series C round. Over the next three years, Kapiva aims to achieve an annual revenue of Rs 850 crore by FY26.

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