Gynoveda raises $10M in Series A funding led by India Alternatives Fund

Gynoveda, an Ayurveda-backed women’s healthcare startup, on Wednesday informed that they have raised $10M in Series A funding led by India Alternatives Fund. 

The round also saw participation from reputed family offices and institutions including Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital. 

Existing investor Fireside Ventures, India’s leading early-stage venture capital fund, which had earlier invested $1 million as seed capital in Oct 2019, also participated in this round showcasing its continued belief in Gynoveda’s vision. 

Gynoveda, founded in 2019 by the husband-wife duo - Rachana & Vishal Gupta and Dr. Aarati Patil aims to democratise Ayurveda-enabled, curative self-care solutions for gynaecological and lifestyle-related disorders women face from puberty to menopause.

"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," the company said in a statement.

It further said it "aims to raise awareness about the importance of menstrual health on a grassroot level, making Ayurveda the first choice for women's healthcare".

Gynoveda founder and CEO, Vishal Gupta said the company has tripled its revenue year-on-year between FY20 and FY23 to reach ₹100 crore annual revenue run rate within three years of its inception.

India Alternatives Private Equity Fund, Founder, Managing Director, and CEO Shivani Bhasin Sachdeva said, "This investment fits perfectly with our investment themes of women and health."

Sachdeva further said, "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."

With the help of this funding, the company aims to raise awareness about the importance of menstrual health on a grassroot level, making Ayurveda the first choice for women’s healthcare. Hence, 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. Currently, empowering women via D2C channels like the website, and e-commerce marketplaces, Gynoveda plans to step into the offline domain in the near future to reach women across the breadth and depth of India..