Ayurveda-based D2C startup Gynoveda raised $10 million in Series A led by India Alternatives Fund where existing investor, Fireside Ventures, and new investors Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital also participated.
As per Gynoveda cofounder Vishal Gupta, “Almost 1 Bn women across the globe are suffering from 30 different kinds of gynaecologists disorders. In addition, India owns a sizable portion of that $1 billion.”
Vishal Gupta, Rachna Gupta, and Dr Aarti Patel founded Gynoveda in 2019 in order to help women cure gynaecological disorders such as infertility, PCOS, and pigmentation.
The ayurvedic startup primarily sells FDA-approved products to treat infertility, genital problems, irregular menstrual cycles, poor nutrition, and women’s wellness. It sells these items on its website as well as on other ecommerce platforms such as Amazon, Flipkart, and Nykaa.
The proceeds will be used by the startup to expand into the offline market and conduct research and development. It will also use funds to hire talent and conduct brand marketing activities.
Regarding the offerings, Vishal stated that with each product purchase, the startup provides its customers with unlimited doctor consultations, a diet book, and access to webinar sessions.
It currently earns over 80% of its revenue from its website, with ecommerce marketplaces accounting for about 20% of its revenue. It claims that its products have a 70% gross margin.
The startup claims to have a customer base of 3 lakh women, which it expects to grow to 1 million in the next three years. It claims an annual revenue of INR 100 crore.
The startup competes in India with Namyaa, Purely Yours, and Swastik Ayurveda. According to a report, the country’s D2C players lapped up $3.6 billlion between 2014 and 2022.