Pansari Group launches TVOY Green Tea collection at AAHAR 2024

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March 8, 2024

Pansari Group, India’s leading FMCG brand, is set to dazzle the audience with the launch of TVOY Green Tea at AAHAR 2024. Following the successful introduction of their new tea range, Pansari Chai, featuring four distinct flavors designed to provide an exquisite tea-drinking experience, the brand has garnered immense customer satisfaction. Encouraged by this positive response, the team is now eager to bring their green tea range to the market.

The brand is now ready to venture into the realm of exquisite green tea sourced from the prestigious Nilgiris in Tamil Nadu, South India. TVOY Green Tea is cultivated in one of the top-tier tea estates, situated at an elevation of 1900 meters above MSL. Natural forests and crystal-clear streams adorn this eco-friendly sanctuary, providing the perfect setting for responsible tea farming.

Continue Exploring: Surplus in global tea market to impact Indian tea prices and exports

Shammi Agarwal, director of Pansari Group, said, “The launch of TVOY Green Tea is not just about launching a product but about embracing a lifestyle. In a time when health-consciousness is on the rise, TVOY offers a blend of tradition and wellness. The different flavors of this product include Classic green tea, chamomile, and Kahwa green tea. No major players are in the green tea market, so I think it is the perfect time to enter the market. We are excited about the journey ahead and believe that TVOY GREEN TEA will become a symbol of health and indulgence for our consumers.”

Furthermore, Pansari’s product is certified by ISO 9001:2008, HACCP 2006, and Fair Trade Labeling Organization, ensuring high standards of quality and ethical sourcing. TVOY Green Tea is packaged in biodegradable Pyramid Tea Bag Filter Packaging, including a string and paper tag, showcasing the brand’s dedication to sustainability. Unlike traditional plastic packaging, this eco-friendly option is crafted from materials with a fragile molecular structure, facilitating swift and environmentally-friendly decomposition. Additionally, TYVOY Green Tea will be competitively priced and easily accessible at nearby retail stores and online platforms.

AAHAR, a renowned Food & Hospitality fair, has experienced significant growth in recent years, and anticipation is high for its 38th edition, expected to attract an even larger crowd than previous years. This five-day expo is scheduled to take place from March 7 to March 11, 2024, from 10 am to 6 pm, at Pragati Maidan in New Delhi, India. Leading brands from various sectors will showcase their products, including Pansari Group, which will present its range of green tea flavors at Hall No. 5G and Stall No. 5G-17-A, B, E.

Continue Exploring: 38th edition of AAHAR kicks off in New Delhi, showcasing growth and innovation in the industry

Quick-commerce sector on track to compete with e-commerce giants, says Glade Brook Capital Founder

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March 8, 2024

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Paul Hudson, founder of Glade Brook Capital

The Indian quick-commerce sector might see expansion into a much wider array of stock keeping units (SKUs), bringing it closer to ecommerce in the future, according to Paul Hudson, founder of investment firm Glade Brook Capital.

In a blog post on LinkedIn, Hudson highlighted how the market is already progressing in this direction, with Blinkit and Zepto expanding their product assortment. The fund had supported Mumbai-based Zepto the previous year and had invested in Blinkit’s parent company Zomato back in 2019.

“Many believe Amazon and Walmart-owned Flipkart will continue to dominate the future of Indian ecommerce. In my humble opinion, I would not bet against the hometown teams at Zepto and Zomato,” he added.

On March 4, Snackfax reported that Blinkit and Zepto are rapidly entering ecommerce territory and are prepared to introduce several categories such as fashion, beauty, electronics, toys, home, and kitchen to their offerings. Additionally, on Thursday, it was reported that ecommerce major Flipkart is planning to launch a quick-commerce service in a few months.

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

“Blinkit and Zepto contend with relatively low average order values, modest product margins and incremental costs for rapid supply chain, logistics, fulfillment, and delivery – in addition to the cost of acquiring customers and covering overhead. As a result, the business model is operationally challenging… Over 2020-2022, dozens of quick-commerce start-ups raised and burned through billions of dollars in funding, only to not survive the 2022-2023 venture capital downcycle,” Hudson said in his post.

Nevertheless, quick-commerce firms have managed to boost their gross order value (GOV), an indicator of sales, and simultaneously reduce costs over the past few months, as stated by Hudson. These companies have reversed the trend by leveraging factors such as robust founders, genuine product-market alignment, operational efficiency, innovation, and a strong competitive advantage.

Commending the founders of both firms, Hudson argued that quick-commerce companies had successfully identified a genuine product-market fit in India.

“Ordering everyday needs via app across thousands of products, delivered within minutes, has struck a chord with Indian consumers. This is especially true for the millions of digitally native young people in India’s large and growing cities,” he said.

This development is also paving the way for additional revenue streams, such as earnings from advertisements on these platforms. Notably, it was observed that advertising is rapidly emerging as a crucial means for platforms like Swiggy, Zomato, Blinkit, and Zepto to bolster their overall revenue.

Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion

Operationally, these firms have also succeeded in optimizing aspects such as SKU selection, supply chain management, procurement, dark store layouts, and more, according to Hudson.

“For product forward and tech savvy teams, India provides the ability to cost effectively build most aspects of the tech infrastructure in-house… Zepto and Blinkit have brought nearly every aspect of the technology stack in-house, allowing the teams to customize and optimize in a manner that would otherwise be impossible,” he added.

Hudson argued that all of these factors had enabled quick-commerce firms to achieve significant operating scale and establish a strong competitive advantage. Additionally, scale facilitated a return on investment in advertising, as well as high margins on advertising revenues, which could be reinvested into areas such as technology and enhancing the customer experience, he added.

Now, these firms are entering new ground, Hudson said. “The longer term investment thesis behind quick-commerce extends beyond rapid delivery of grocery and daily needs products into a broader SKU assortment that penetrates many categories. The moonshot of delivering a wide assortment of SKUs rapidly – say in one hour – opens up the much broader ecommerce market to a superior customer value proposition,” he added.

Continue Exploring: Zomato’s Blinkit set to ramp up e-commerce deliveries with diverse product range

D2C innerwear brand Bummer raises INR 9.25 Crore led by Gruhas Consumer Fund

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March 8, 2024

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Bummer, the direct-to-consumer (D2C) innerwear brand famed for its appearance on Shark Tank, has raised INR 9.25 crore led by Gruhas Consumer Fund, with participation from Fluid Ventures Fund.

According to regulatory filings obtained from the RoC, Bummer’s board has approved a special resolution to issue 2,16,121 pre-series A1 CCPS at a price of INR 428 each, aiming to raise INR 9.25 crore.

The Gruhas Consumer Fund injected INR 8 crore into the latest round, with Fluid Ventures Fund joining in with INR 1.25 crore. Gruhas, co-founded by Nikhil Kamath and Abhijeet Pai, operates as a venture capital fund.

According to the filings, the company plans to utilize the funds to broaden and enhance its product categories.

Continue Exploring: D2C men’s fashion brand Snitch hits INR 400 Crore GMV milestone, targets INR 600 Crore by 2024

Established in 2019 by Sulay Lavsi, Bummer specializes in selling comfortable wear and innerwear designed for both men and women. The company asserts that its products are manufactured using 47% less water and contribute to an 18% reduction in carbon footprint.

After the latest funding, Gruhas emerged as the primary stakeholder with 17.3%, trailed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. The founder and CEO, Sulay Lavsi, along with his family, retains control of 45.97% of the company.

According to estimates from TheKredible, the company’s valuation post-allotment stands at approximately INR 46.5 crore ($5.6 million).

Before this round, Bummer secured 180K from Singapore’s Beenext and received INR 75 lakh through an investment on the TV show Shark Tank India, led by Aman Gupta, co-founder and CMO of boAt, and Namita Thapar, CEO of Emcure Pharmaceuticals.

In the fiscal year ending March 2023, Bummer experienced a three-fold increase in revenue from operations, reaching INR 7.83 crore. However, during the same period, the company’s losses surged 2.8 times to INR 2.94 crore.

Continue Exploring: Men’s innerwear brand XYXX eyes 50-70% growth, diversifies into Athleisure

abCoffee secures $3.4M in Series A funding led by Nexus Venture Partners, targets 150 stores by end of 2024

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March 8, 2024

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abCoffee, a specialty coffee quick-service restaurant chain, has secured $3.4 million in its Series A funding round, spearheaded by Nexus Venture Partners, with participation from its current investor, Tanglin Venture Partners.

Prior to this round, the startup had secured $2 million in its seed round, with Tanglin Venture leading the investment in September last year.

Continue Exploring: abCoffee secures $2 Million in seed funding to fuel growth in India’s specialty coffee market

The newly acquired funding will be utilized by abCoffee to enhance its supply chain and technology infrastructure, facilitating the delivery of on-demand coffee beverages at reduced prices and faster turnaround times.

Established in 2022 by Abhijeet Anand, abCoffee offers a diverse range of freshly brewed coffees at budget-friendly rates, encompassing traditional blends such as Americano, Latte, Flat White, Iced Latte, and Irish Cold Coffee.

Speaking on the funding, Abhijeet Anand, Founder, and CEO of abCoffee, said, “We are thrilled to partner with Nexus Venture Partners and receive continued support from Tanglin Ventures in our mission to make specialty coffee accessible and enjoyable for everyone in India. We continue to remain extremely capital efficient, leverage supply chain optimization and continue to innovate new products for the masses.”

“abCoffee’s commitment to making specialty coffee accessible to the masses resonated strongly with us. Their innovative tech model and focus on high-quality, ethically sourced beans and efficient brewing methods allow them to offer premium coffee experiences at surprisingly affordable prices. We believe this unique approach has the potential to disrupt the Indian coffee market and make premium coffee beverages a mainstream beverage enjoyed by everyone,” said Suvir Sujan, Managing Director at Nexus Venture Partners.

Ravi Venkatesh, Managing Partner at Tanglin Venture Partners added, “Over the past year, we’ve been privileged to witness how abCoffee has scaled and are excited to double-down in this funding round also.”

With a customer loyalty rate of 61%, which is nearly double the industry average, the company underscores its dedication to exceptional service, boasting a remarkable turnaround time (TAT) of 1.5 minutes.

In a span of 20 months, the brand has recently launched 25 outlets across Mumbai and Delhi. With ambitions set high, the brand aims to reach 150 stores by the end of 2024.

Continue Exploring: abCoffee expands rapidly: 25 outlets opened in 20 months, aims for 150 by 2024

It competes with Third Wave Coffee, Blue Tokai, Rage Coffee, Slay Coffee, Sleepy Owl, Seven Beans Co., and numerous others.

The global coffee market remains significant, with the Indian coffee market projected to reach $2.30 billion by 2030 at a compound annual growth rate (CAGR) of 12.5 percent. Notably, the trend within this sector indicates a rising demand for unique, high-quality coffee experiences and diverse flavor profiles, a demand that abCoffee aims to capitalize on by offering premium specialty coffee through its convenient, efficient, and innovative grab-and-go outlets.

38th edition of AAHAR kicks off in New Delhi, showcasing growth and innovation in the industry

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March 8, 2024

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The 38th installment of AAHAR – the International Food and Hospitality Fair, is a collaborative effort led by the India Trade Promotion Organisation (ITPO), with backing from the Ministry of Food Processing Industries, Government of India, Agriculture and Processed Food Products Export Development Authority (APEDA), and key industry associations. This event, taking place at Bharat Mandapam, New Delhi, started on March 7 and will continue until March 11, 2024.

In recent years, the show has experienced remarkable growth, solidifying its status as the premier gathering for international vendors and sourcing experts. Beyond facilitating new business ventures, the fair provides avenues for technological advancement, skill enhancement, and collaborative endeavors.

This year, the exhibition is taking place across an area of 110,000 square meters, compared to 90,000 square meters last year, leading to a rise in participation from 1500 to 1600 attendees. This includes representation from overseas companies hailing from 12 countries, namely China, Germany, Iran, Italy, Japan, Nepal, Russia, Sweden, Taiwan, Turkey, Turkmenistan, and the UAE.

The burgeoning sector of “Plant Based Foods” is also featured at AAHAR, adding another layer of attraction for visitors.

Continue Exploring: Culinary Art India’s 16th Edition to showcase excellence at AAHAR 2024

The exhibition profile is categorized into distinct sections across various halls: Foreign Participation and FIFI Pavilion (Hall 1 GF), Confectionery & Bakery Products & Ingredients, ICMA (Hall 2 GF& FF), APEDA Pavilion (Hall 3 GF), Spices, Condiments Ingredients & Agri Produce (Hall 3 FF), Organic, Processed Food, Ingredients, Spices, Farm Produce, Fresh Fruits & Vegetables, Meat Products (Hall 4 GF& 4FF), Organic Processed Food, Ingredients, Spices, Farm Produce, Fresh Fruits & Vegetables, Meat Products, Chocolate Products (Hall 5 GF), Culinary Art India Show by Indian Culinary Forum (Hall 5 FF), Bakery Heavy Machinery Equipment, Tentage & Décor, Packaging, Kitchen & Hotel Equipment (Hall 6, Hall 7 (A-H)), Kitchen & Hotel Equipment, Refrigeration (Hall 8-11, 12 & 12A, 14), Hospitality, Décor, Housekeeping Products, Gift Items (Hall 14FF), and Hospitality, Décor, Housekeeping Products, Gift Items, Mist Coolers, Coolers & Fans (Open Area).

Once again this year, a significant turnout of trade visitors is anticipated at the fair. This encompasses key figures from the hotel and hospitality sector, such as CEOs, General Managers, Executive Chefs, Executive Housekeepers, Purchase Managers, and F&B Managers. Additionally, senior officials from both the Central and State Governments, as well as individuals from the catering industry, academic institutions, and hotel management professionals, are expected to attend the event.

In addition to gaining insights into new government initiatives, reforms, and schemes related to the food and hospitality industry, the fair provides an ideal platform for the business community. It allows them to stay updated on the latest trends, tastes, and technologies, expand their network with leading suppliers and manufacturers, connect with decision-makers, trade partners, and distributors, and meet esteemed buyers from across the globe. With a focus on unveiling India’s export potential, the fair holds significant importance, particularly amidst the Union Government’s emphasis on promoting the agricultural community and the MICE (Meeting, Incentive, Conference, and Exhibition) sector, which complements the hospitality segment.

Continue Exploring: WMO shines at MEWA India 2024: CEO Jillian Laing leads insightful panel, hosts exclusive high tea with Chef Rakhee Vaswani

Vinod Cookware scales up operations with new manufacturing plant in Palghar, Maharashtra

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March 8, 2024

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Vinod Cookware, a leading Indian manufacturer of cookware, has recently launched its newest manufacturing facility in Gundale village, Palghar district, Maharashtra. This strategic expansion aims to meet the growing demand for Vinod Cookware products in both local and international markets.

Spanning an impressive 250,000 square feet, the newly opened plant in Gundale now stands as the company’s largest production hub. This development complements Vinod Cookware’s existing operational framework, with all factories currently situated in Palghar, thereby enhancing logistical efficiency and managerial cohesion. Moreover, besides being the brand’s largest facility, the new manufacturing unit is poised to generate approximately 300-350 new job opportunities to facilitate operations.

The upcoming Palghar facility is set to integrate cutting-edge technological upgrades, featuring enhanced production machinery and advanced management systems. Initially managing primary and ancillary production tasks, the plant is expected to play a pivotal role in significantly expanding Vinod Cookware’s operations.

Continue Exploring: Vinod Cookware brings eco-friendly cooking to Indian kitchens with its new ‘Ceramica Zest’ collection

Committed to sustainability, the new facility will uphold stringent operational protocols, emphasizing the use of eco-friendly materials and prioritizing waste minimization. Anticipating heightened demand, a substantial 60% increase in production capacity is on the horizon, underscoring Vinod Cookware’s dedication to meeting market needs while prioritizing sustainability and efficiency. Concurrently, alongside the Palghar expansion, Vinod Cookware has expanded its presence into the UK and EU markets, launching its official UK website in November of last year.

Sunil Agarwal, Director, Vinod Cookware, said, “”We are pleased to announce the opening of our new manufacturing plant in Palghar, Maharashtra. This strategic expansion marks a significant milestone for Vinod Cookware as we strive to meet the surging demand for our high-quality products with enhanced efficiency and scale. Our new facility stands as a testament to our unwavering commitment to operational growth and, above all, customer satisfaction. As we embark on this exciting journey, we look forward to setting new benchmarks in the cookware industry while ensuring a positive impact on the local community through job creation and economic development.”

Continue Exploring: Vinod Cookware brings its new unplug non-stick cookware set called ‘Vinod Connect’ for urban kitchens

Peak XV Partners and Tiger Global eye stake acquisition in SoftBank-backed Meesho amidst secondary deal talks

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March 8, 2024

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According to a report by ET, Peak XV Partners (formerly known as Sequoia Capital India) and Tiger Global, along with several other investors, are among those who have held talks to acquire a stake in SoftBank-backed ecommerce firm Meesho in a secondary deal, as per insiders.

According to sources, it’s anticipated that certain angel investors and initial supporters of Meesho may sell shares valued at approximately $200 million. The deal is expected to be conducted at a valuation ranging from $3.5 billion to $3.9 billion, contingent upon the final terms.

As Peak XV has been an early investor in Meesho, the significance of Tiger’s discussions increases, especially considering the New York-based fund’s retreat from making new investments in India and other markets.

“Tiger’s participation may be relatively smaller but Peak XV is in advanced stages of talks,” one of the people said. “Peak XV is looking to take a bigger pie of the shares on the block,” another person said.

Continue Exploring: Meesho fastest growing e-commerce player; GMV tops $5 Billion: Alliance Bernstein Report

According to sources, Meta, a prominent player in the tech industry and an existing investor in Meesho, might consider selling a portion of its stake. However, the decision is still pending, as the owner of Facebook and WhatsApp has not finalized its stance yet.

Meesho will not get any funds from the secondary share sale.

Meesho, previously valued at $4.9 billion, is expected to undergo a valuation reduction of 20-30%, which is common in secondary transactions.

A representative for Meesho opted not to provide a comment, citing company policy. Emails directed to Peak XV, Meta, and Tiger Global did not yield any responses.

Insiders familiar with the discussions mentioned that other funds, such as Norwest Venture Partners, are also in talks with Meesho, although these discussions are at an early stage.

Continue Exploring: Meesho unveils Valmo platform to boost efficiency in e-commerce deliveries

In October last year, Meesho’s first institutional investor, Venture Highway, sold a part of its stake in the company to WestBridge Capital. According to insiders, the fund wants to make a complete exit from the ecommerce platform, which focuses on low-priced products.

Earlier in January, it was reported that WestBridge Capital, which supports both private and public market companies, might acquire additional shares in Meesho.

In December, Meesho reported that its loss for the fiscal year ending March 31, 2023, narrowed to almost half, reaching INR 1,675 crore, while operating revenue surged by 77% to INR 5,735 crore. Additionally, for the first half of FY24, the online marketplace indicated a 37% year-on-year increase in operating revenue to INR 3,521 crore, coupled with a significant 90% reduction in loss to INR 141 crore.

Meesho’s success in the low-end segment has recently led to Amazon India planning a similar venture on its marketplace. It was reported on February 21 that Amazon India was gearing up to launch a new vertical featuring low-priced, unbranded fashion and lifestyle products, called Amazon Bazaar. Walmart-owned Flipkart’s Shopsy is the other major player in the space competing against Meesho.

Continue Exploring: Amazon to challenge Meesho with budget-friendly fashion vertical ‘Bazaar’

Established in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho operates on a distinct business model compared to giants like Amazon and Flipkart. Instead of charging commissions from its sellers, Meesho generates revenue through advertising and by providing logistics services to sellers on its platform.

OYO’s parent company Oravel Stays to unveil 13 self-operated upscale hotels under ‘Palette’ brand by year-end

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March 8, 2024

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Oravel Stays, the parent company of hospitality giant OYO, aims to unveil 13 self-operated hotels under its upscale brand ‘Palette’ by year-end.

Following a model akin to OYO Rooms, the startup announced plans to commence its venture by launching a Palette hotel in Morbi, Gujarat, according to a statement.

Oravel Stays mentioned that the new hotel will be strategically positioned to serve the requirements of business travelers in the nation’s ceramic hub. With 48 rooms, it aims to meet the demand for high-quality accommodation amidst the area’s flourishing economic development.

Last year, Oravel Stays launched its first Palette brand hotels through a pilot program, unveiling 10 properties across various cities including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru.

The startup announced plans to take direct operational control of specific Palette hotels located in “high-growth and promising locations.”

Continue Exploring: Oyo Hotels in advanced talks with Khazanah Nasional Berhad for $400 Million funding boost

By the end of the year, Oravel Stays aims to have 23 hotels operating under the new brand.

“We are excited to launch our first self-operated Palette hotel in Gujarat, and what better city to start with than Morbi. With its booming economic scene and growing business opportunities, Morbi is an important market for us…,” said Oravel Stays’ business head Aditya Sharma.

Interestingly, the hospitality unicorn has been experimenting with the brand name Palette for some time now. In 2018, it announced its foray into the upscale hotel category under the name Palette Resorts.

Last year, it finally started testing the new offering through a trial launch in various cities, albeit on a smaller scale. In addition, the Gurugram-based startup also runs sub-brands including Townhouse Oak, OYO Townhouse, Collection O, and Capital O under its umbrella.

Established in 2013 by Ritesh Agarwal, OYO is a leading player in the hospitality industry with support from notable investors such as SoftBank, Airbnb, Lightspeed Venture Partners, Innoven Capital, and Hero Enterprises.

As OYO prepares for a potential public listing by the year’s end, the introduction of the new offering aligns with its strategic plans. Furthermore, OYO has achieved profitability amidst these advancements.

Last month, OYO CEO Ritesh Aggarwal revealed that the startup had achieved its second consecutive profitable quarter in Q3 FY24, with its profit after tax (PAT) doubling to INR 30 Cr.

Continue Exploring: OYO ramps up presence: Targets 35+ leisure markets with addition of 750 hotels in expansion plan

Varun Beverages eyes untapped markets with focus on production capacity and distribution expansion

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March 8, 2024

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Varun Beverages Ltd (VBL), the primary bottler for PepsiCo, is intensifying its efforts to expand manufacturing capacities, particularly in sectors such as juices, and strengthening its distribution channels to penetrate under-served markets more effectively.

In a letter to shareholders in the annual report for CY2023, Ravi Jaipuria, Promoter and Non-Executive Chairman, VBL stated, “Central to our expansion strategy for CY2024 is the further development of manufacturing facilities with a focus on adapting to evolving consumer preferences and market trends. We are particularly concentrating on increasing our production capacities in the juices and value-added dairy product segments.”

In addition to producing and distributing PepsiCo licensed brands, the company is recognized for its own Creambell brand in the dairy-based beverage sector. With a total of 40 production facilities, the majority of which (34 plants) are situated in India, representing its largest market.

Jaipuria stated that the company has “successfully initiated operations” at new production facilities located in Bundli, Rajasthan, and Jabalpur, Madhya Pradesh. Additionally, it has increased capacity at six existing manufacturing plants: Pathankot, Kosi, Bharuch, Tirunelveli, Begusarai, and Guwahati.

Continue Exploring: Pepsi India bottler Varun Beverages’ Q4 profits soar by 77% driven by robust demand and international expansion

“The commissioning of multiple greenfield and brownfield beverage manufacturing lines in CY2023 was a significant step in enhancing our operational capabilities. These expansions are vital for meeting increasing consumer demand and tapping into new market opportunities,” he said.

In its 2023 annual report, the company emphasized the importance of enhancing both the distribution network and chilling infrastructure to expand its footprint in both existing and under-served markets.

During the calendar year 2023, the company experienced a 21.8 percent increase in net revenues, reaching INR 16,042.58 crore, despite sales being affected by unseasonal rains in certain regions during peak summer.

Regarding geographical expansion, VBL recently finalized a binding agreement to acquire a 100 percent stake in South Africa’s Beverage Company Ltd (BevCo). BevCo possesses franchise rights from PepsiCo Inc in South Africa, Lesotho, and Eswatini, along with distribution rights for Namibia and Botswana.

Continue Exploring: PepsiCo’s key bottler Varun Beverages acquires South Africa-based Bevco for INR 1,320 Crore

“This acquisition, which aligns perfectly with our strategic goals, offers an excellent opportunity to significantly enhance our presence in the African market — a region known for high demand for soft drinks and favourable demographics. The integration of BevCo into VBL’s operations is expected to yield substantial synergistic benefits in the future,” Jaipuria said in the annual report.

D2C brand The Ayurveda Experience raises $27 Million in Series C funding led by Jungle Ventures

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March 8, 2024

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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.

Continue Exploring: D2C platform The Ayurveda Experience achieves remarkable revenue growth in FY23, sets course for profitability

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.

Continue Exploring: The Ayurveda Company sets aggressive target of 50K sales touchpoints in tier 2 and tier 3 towns by Diwali 2024

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.

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