Founded in September 2023 by serial entrepreneur Abhishek Gaggneja, Goodveda offers a range of supplements, ayurvedic remedies, snacks, and wellness programmes
The Noida-based D2C brand reported a revenue of INR 1.9 Cr in FY24. Having raised INR 2 Cr from Sat Kartar Group since its inception, the startup enjoys a network of 20,000+ users
Goodveda’s monthly revenue stood at INR 45 Lakh in April, which grew to INR 87 Lakh in July. Per the founder, 80% of its sales happens via the website, and the remaining from Modern Retail, Apollo Pharmacy, and Amazon and Flipkart
Ayurveda, the ancient science of health, may have been overshadowed by the rise of modern medicine. However, with increasing urbanisation and changing lifestyles, this once-forgotten Indian healthcare system is now experiencing significant growth and attracting strong investor interest.
In line with this, it is imperative to mention that the segment is expected to grow at a compound annual growth rate (CAGR) of approximately 17% from 2024 to become an INR 3.2 lakh Cr opportunity by 2032.
Not to mention, the market of ayurvedic products is on the rise, embracing everything ranging from nutraceuticals and dietary supplements to personal care products (skincare, oral care, hair care, fragrances), and herbal supplements (teas, oils, and powders).
With this expansion, the government has started regulating the industry actively. For instance, the Ayush Mark Certification Scheme, overseen by the Quality Council of India (QCI), certifies ayurvedic, siddha, and unani medicines based on GMP and WHO guidelines.
Also, the Ayush Oushadhi Gunvatta Evam Uttpadan Samvardhan Yojana ensures the safety and efficacy of ASU medicines. The AYURGYAN Scheme supports Ayurveda education, research and innovation, while the Ayurswasthya Yojana offers grants for medicines, testing, and awareness.
This surge in growth has instilled further confidence in the market, paving the way for more players to enter the fray. Some of the most prominent names in this arena include Kapiva, The Ayurveda Experience, Alphavedic, and Dr Vaidya’s.
Founded in September 2023 by serial entrepreneur Abhishek Gaggneja, Goodveda is the latest entrant in the race and is laser focussed on diabetes and obesity reversal. Aligned to its cause, the startup offers a range of supplements, ayurvedic remedies, snacks, and wellness programmes and has set its eyes on becoming a prominent player in the Ayurvedic and nutritional food sector.
While currently there are many names in the market for natural Ayurvedic products, all claiming authenticity, Goodveda sets itself apart by focussing exclusively on chronic illnesses such as diabetes, PCOS, thyroid, to count a few. It also differentiates itself by offering targeted solutions for specific health concerns using authentic Ayurvedic practices.
“We focus exclusively on chronic illnesses and do not offer products related to fitness, such as multivitamins or gummy bears. Our formulations are backed by Ayurvedic practitioners, nutritionists and food scientists,” the founder said.
The Noida-based startup reported a revenue of INR 1.9 Cr in FY24. Per the founder, 80% of the startup’s sales happen via the website, and the remaining are from Modern Retail, Apollo Pharmacy, Amazon and Flipkart. Having raised INR 2 Cr from Sat Kartar Group since its inception, the startup enjoys a network of 20,000+ users.
How Goodveda Came Into Being?
With significant progress in just one year since the startup’s inception, it’s important to explore what inspired Gaggneja, a third-time founder with a tech background, to venture into uncharted territories.
Speaking with Inc42, Gaggneja revealed that his personal health challenges motivated him to enter the Ayurvedic wellness and healthcare space. He shared that since childhood, he struggled with various health issues, including tuberculosis and fatty liver. To manage these conditions, he was prescribed steroids, which took a toll on his overall well-being and limited his ability to participate in sports and other activities.
Later, at the age of 31, when he was diagnosed with diabetes, which became a turning point in his life, prompting him to deeply research health and wellness, particularly in diabetes management.
In 2023, he launched Goodveda, to address chronic illnesses such as diabetes, obesity, liver disease, and cardiovascular issues through Ayurvedic remedies, wellness programmes, and nutritional foods.
Goodveda’s Health Stack
The D2C startup, which launched with just five SKUs, currently offers a blend of ayurvedic and modern nutritional solutions to address chronic health conditions like diabetes and obesity.
Its product stack comprises personalised wellness programmes to manage obesity and diabetes, Ayurvedic and nutritional products for chronic health issues, and wholesome preservatives free foods, including millet-based snacks.
At the outset, Gaggneja thought that providing healthcare solutions and launching wellness programmes would be sufficient to sustain the startup, but he soon realised that enrolling customers in a 90-day programme often led to slower results, which caused a drop in customer interest over time.
“By combining these programmes with Ayurvedic formulation products, results became faster and more positive, leading to greater customer engagement,” he said.
Since its launch, the D2C brand has expanded its product line to include around 12 SKUs. Initially focussed on diabetes, its new products now address various health concerns, including liver health, obesity, and heart health. Recently, it introduced natural sweeteners and snacking products that contain zero ‘maida’ and no palm oil.
Additionally, the founder takes pride in its manufacturing and formulation process. “Each ingredient undergoes rigorous testing for efficacy and safety, incorporating traditional ayurvedic methods like Samskara, Shodhana, and Bhasma preparation,” the founder said.
The brand also maintains strict quality control standards, with ingredients tested for potency, purity, and safety. All its products are AYUSH ministry-approved and it partners with contract manufacturers and overseas R&D teams for product development.
Challenges & Opportunities Ahead For Goodveda
Although the startup is new to the segment and has been operating for nearly a year, it already claims to have achieved 30% month-on-month growth. The founder said that the startup’s monthly revenue stood at INR 45 Lakh in April, which grew to INR 87 Lakh in July. Spilling revenue numbers for FY24, the founder said that Goodveda garnered INR 1.9 Cr during the fiscal, which it aims to double by the end of FY25.
The startup is also focussed on offline expansion. For this, it is exploring opportunities with Guardian Pharmacy and Modern Bazaar.
“Presently, the focus is on cost-effective offline strategies and strong online growth, particularly in Maharashtra and South India,” the founder said. Besides, the startup plans to launch five new products in the next two months.
Additionally, the founder is working on the Goodveda app to include features such as reminders and product information. The app is set to launch around Diwali this year. Moving forward, the startup will focus more on marketing. Currently, the brand is spending around INR 8 Lakh on marketing efforts.
While the founder’s efforts are in the right direction, building a profitable brand in this highly competitive market is a tough nut to crack. As of now, Goodveda locks horns with the likes of Kapiva, The Ayurveda Experience and the ilk, who already have deep pockets and are pretty much well-rooted in the market.
Moving on, while companies like Goodveda and other bigger brands are currently cashing in on the Ayurveda fad, lack of scientific validation makes this segment vulnerable to changing trends. All the factors combined, Goodveda may be looking at an uphill battle in achieving long-term sustainability.
[Edited by Shishir Parasher]
