Gynoveda Raises $10 Million In Series A Funding Round 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
By Teena Jose
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Gynoveda, an Ayurveda-backed women's healthcare startup, has raised $10 million 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, also participated in this round. The company plans to utilize the fund 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.
"Gynoveda has so far improved the health of 3 lakh women residing in 20,000 pincodes of India. This led to the company tripling its revenue year-on-year between FY20 and FY23 to reach INR 100 crores annual revenue run rate within 3 years of its inception. Gynoveda is on a mission to change the lives of 1 million women, which is still a fraction of the billion women worldwide that need this unique ayurvedic solution," said Vishal Gupta, founder and CEO, Gynoveda.
Gynoveda aims to revolutionise the $9.6 billion global women's healthcare industry by being the first player to introduce Ayurveda as a solution to solve complex gynaecological disorders. The company has tripled its gross revenue year-on-year between FY20 and FY23 to reach INR 100 crores annual revenue run rate within 3 years of its inception. The google rating of 4.8 further reflects the growing customer love and trust by over 3 lakh women spread across 20,000 pincodes in India, claimed by the company in a statement.
"This investment fits perfectly with our investment themes of Women & Health. Today, over 40% of online shoppers are women, up from 10% a few years ago. 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.
Founded by Vishal and Rachana Gupta in 2019, who were later joined by Dr. Aarati Patil {M.D Obstetrics and Gynecology (Ayu)} Gynoveda aims to transform the way gynaecological disorders are treated.
