Anicut Capital Leads $6 Mn Funding In D2C Startup The Ayurveda Experience
Summary
Sharrp Ventures, Singularity Ventures, Riverwalk Holdings and Emerge Capital also have participated in the funding round The startup will use the fresh capital to enter new markets and expand presence in existing markets including India, North America, Europe, Canada and Australia The startup said it currently offers products to 8,40,000 customers and has received an annualised revenue of INR 235 CrD2C ayurvedic brand The Ayurveda Experience (TAE) has raised nearly $6 Mn (INR 50 Cr ) in a fresh funding round led by Anicut Capital.Sharrp Ventures, Singularity Ventures, Riverwalk Holdings and Emerge Capital also have participated in the funding round, according to an Economic Times report.TAE will use the fresh capital to enter new markets and expand presence in existing markets including India, North America, Europe, Canada and Australia. The startup will also utilise the capital in developing its R&D, marketing and supply chain capabilities.Founded in 2014 by Rishabh Chopra, TAE sells beauty and personal care products under three brandsIyura, Ajara and A. Modernica. However, in 2017, the brand pivoted to manufacturing and selling ayurvedic products.The startup said that it currently offers products to 8,40,000 customers and has received an annualised revenue of INR 235 Cr. It aims to grow 46% year-on-year (YoY) in the next five years and will be opening its second retail outlet in the country.TAE said that it earns about 95% of revenue from international markets and also records nearly 98% business from D2C vertical.In 2019, it secured INR 10 Cr from Centrum Groups private equity fund Kalpavriksh. The segment is likely to cross the INR 71K Cr mark by 2024, growing at a CAGR of about 16.06% by 2024.A slew of funding activities have been witnessed in the sector including Mankind acquiring majority stake in Upakarma Ayurveda, NirogStreet securing $12 Mn, Kajal Aggarwal backing TAC, Indian women cricketer Smriti Mandhana backing Neem Ayu, among others.