Gynoveda, an ayurveda-backed women’s healthcare start-up, has raised $10 million in Series A funding led by India Alternatives Fund.
The round also saw participation from family offices and institutions, including Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital, along with existing investor Fireside Ventures.
The funds will be deployed to double down on strengthening R&D, formulating new ayurvedic offerings, onboarding talent, expanding distribution channels, and increasing brand awareness, said the company in a release. Additionally, it plans to step into the offline domain in the future to reach women across the country.
“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.
The start-up aims to democratise ayurveda-enabled, curative self-care solutions for gynaecological and lifestyle-related disorders women face from puberty to menopause.
In terms of the startup’s performance thus far, Vishal Gupta, Founder & CEO, stated that it has improved the health of 3 lakh women living in 20,000 Indian pin codes. This led to the company tripling its revenue year-on-year between FY20 and FY23 to reach ₹100 crore annual revenue run rate within three years of its inception.