The Ayurveda Experience (TAE), a direct-to-consumer (D2C) startup, has secured $27 million (INR 223 crore) in its Series C funding round, with Singapore-based venture capital firm Jungle Ventures leading the investment. Joining in the round were SIDBI Ventures, Anicut Capital, and Sharrp Ventures (Mariwala Family Office).
The startup intends to utilize the newly acquired funds to enhance its brand visibility in current markets and bolster customer engagement on its platform. Additionally, a portion of the capital will be allocated towards accelerating product development and investigating innovative distribution strategies.
“These funds will be deployed to further fortify the group’s R&D, supply chain and manufacturing strength, explore and scale newer avenues for distribution,” said TAE founder and CEO Rishabh Chopra.
Established in 2010 by Rishabh Chopra, TAE offers a comprehensive range of Ayurvedic products through its platform. It produces and markets beauty essentials including hair oils, moisturizers, lotions, creams, and scrubs. Furthermore, it provides various services such as consultations, content, webinars, and courses dedicated to Ayurveda.
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Commenting on the fundraise, Jungle Ventures partner Arpit Beri said, “We’re delighted to partner with Rishabh and the team at The Ayurveda Experience… At Jungle, we remain deeply committed to backing founders building brands deeply loved by the customers, and TAE fits very well into this.”
TAE also boasts support from notable backers including Fireside Ventures and Riverwalk Holdings. Its most recent funding round in November 2022 saw the company raise $6 million.
After the recent fundraise, TAE’s total funding raised to date amounts to $41 million (INR 342 crore).
The startup reports serving 1.38 million customers to date and distributing products in over 20 countries, including India. It asserts that over 97% of its customers procure its offerings directly through its dedicated app and website.
The Gurugram-based D2C brand operates with a team of over 220 employees spread across the globe.
It competes with companies such as The Ayurveda Co., Kapiva, and Alphavedic in the country’s growing ayurvedic products market, which is projected to grow to a size of INR 3.2 Lakh Cr by 2032.
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This fundraising comes amidst a challenging period for Indian startups, characterized by a scarcity of capital. Specifically, the ecommerce sector, including the D2C space, has been impacted by cautious investors tightening their investment activities. To provide context, Indian D2C brands secured $1.4 billion in funding in 2023, down from $1.9 billion in 2022.
Nevertheless, there have been notable funding transactions in the sector lately. Just last week, D2C luggage startup Mokobara raised $12 million in a funding round led by Peak XV Partners, valuing the company at $80 million. Additionally, D2C food brand Yu secured INR 20 crore in its Series A funding round, spearheaded by angel investor Ashish Kacholia and the Asian Paints Promoter Group, prior to that.