Exclusive: Kapiva raises $10 Mn from existing investors

Homegrown D2C ayurvedic nutrition brand Kapiva has raised Rs 83.5 crore (approximately $10 million) led by OrbiMed Asia with the participation of 3One4 Capital and Vertex Ventures.

The board at Kapiva has passed a special resolution to issue 5,62,631 compulsory convertible preference shares to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies shows.

OrbiMed Asia led the round with Rs 52.2 crore, while 3One4 Capital and Vertex Ventures participated with Rs 11.96 crore and Rs 19.33 crore, respectively. The fresh funding appears to be part of Kapiva's Series C round, in which the firm is aiming to raise a total of Rs 250 crore.

Entrackr exclusively reported  about Kapiva’s Series C round in Nov 2022. With the fresh tranche, the firm has raised Rs 132 crore in the ongoing round. It had already raised Rs 48.75 crore ($6 million) in Series C from OrbiMed and other existing investors back in October 2022.

Kapiva has also increased its ESOP size by adding 1,415,00 new employee stock, bringing the total ESOP pool to 4,47,741, separate filing shows. As per the Entrackr estimates, its ESOP pool size is now worth Rs 66 crore.

Kapiva will use these funds for the expansion and development of the company. Kaviva has raised over $30 million to date and has notable investors including Jetty Ventures, Fireside, OrbiMed, 3One4Capital, and others. According to the startup data intelligence platform TheKredible, the company has been valued at around $80 million post-allotment.

Founded in 2015, Kapiva is an ayurvedic nutrition brand that offers natural and organic health and skincare products for hair fall, weight loss, digestion, diabetes in the form of juices, tea, oils, shakes et al.

During the fiscal year ended March 2023, Kaviva registered 87% year-on-year growth to Rs 116.48 crore with a loss standing at Rs 64.5 crore in the same period. Kapiva is yet to file its annual results for FY24.

While the D2C ayurveda space is crowded with plenty of organized brands, Upakarma Ayurveda, and Dr. Vaidya's, Varalife, among others are Kapiva’s notable competitors.