The Supplementary Protagonist Innovation is the key to stay ahead of the curve and to protect the market, according to Bhavna
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The COVID-19 virus posed serious health implications. Dietary supplements became prominent as people started opting for dietary supplements to complete their dietary needs. The Indian dietary supplements market is expected to exhibit a compounded annual growth rate of 14 per cent during 2022-2027. Bhavna and her husband have a combined experience of over 35 years in the healthcare industry. Combined they had worked in marketing of international supplements, pharmaceutical sales, healthcare services and retail distribution. Ideating about Cureveda, the couple knew that there was a growing market for supplements which are clean label, derived from natural vegetarian sources – plants, herbs, fruits.
"The online market provided a great opportunity to test the waters and reach our consumer directly while communicating to the consumer directly the benefits of our offerings. We prioritized packaging in the form of therapy rather than trial packs solving the issue of under dosing by customers, followed international standards of metal toxicity for safety and invested largely in clinical trials for efficacy. Our entire range today is in sustainable packaging which is better for the customer and the environment," said Bhavna Anand Sharma, founder and CEO, Cureveda.
The healthcare industry has witnessed a spurt post-covid. Cureveda launched its plant based collagen, anti-aging formulas, or plant biotin in the midst of the pandemic. The company has a strong presence in the premium category. According to Bhavna, Cureveda has prioritized quality and research which gives the company a unique stronghold in the mind of discerning customers. When Cureveda was incepted in 2019, there were barely any D2C plant based supplement brands. The market for plant-based supplements and products using vitamins and minerals derived from plants was unexploited. D2C enabled us to test the waters and reach our customer avoiding middlemen. We could have a quick proof of concept before doubling down on spends.
According to Bhavna, the opportunity which lies in digital is immense. If an individual has a unique proposition, he/she can have limited capital and start a profitable business. However, the market is more competitive especially with the cost of marketing being higher than it was. Innovation is the key to stay ahead of the curve and to protect the market. Packaging and raw material costs have also been rising. Hence, economics in the business have been evolving constantly. The company has recorded compounded annual growth rate of over 250 per cent over the last three years.
Cureveda is a bootstrapped company, growing with capital from friends and family. The couple has reinvested earnings in the business and invested their money to maintain growth till date. The company might be looking at making an announcement this year.
The company intends to grow through three channels as the company expands into more wellness products and easy to consume dosage formats. Cureveda intends to have a large presence in Tier 1 cities in modern retail stores and will be consolidating its presence in this channel and category A pharmacies. The company will be expanding into international markets with presence in US. The company would also be expanding into a new segment that compliments its supplement portfolio.
- Best seller: glow, grow, pureprash, sleep sure
- Total SKUs: 25
- Team size: around 20 full time employees and 60-70 field staff
- Split between offline and online sales: 80 – 20%