Ayurveda firm Kapiva to raise 8 million dollars
A healthcare startup Kapiva Ayurveda is planning to raise about $8 million within a year-and-half to expand its product portfolio and invest in marketing, a recent report in The Hindu states.
Kapiva Ayurveda is a disruptive healthcare start-up in the fast-growing global Ayurveda market. Backed by the iconic Baidyanath Group, Kapiva focuses on adapting traditional Ayurvedic knowledge to the needs of the modern consumer.
Ameve Sharma, president, Kapiva Ayurveda told The Hindu "Kapiva raised one million dollars about 10 months ago from Gits Foods and other private investors. The Baidyanath family also invested in the venture. Now we have to spend money on marketing and that is a big spend. We are looking at PE investors or venture capitalists for the next round of funding."
Kapiva faces competition from brands such as Dabur, Himalaya and new entrant Patanjali. The company also exports its products in U.S. market with 50% sales. The company sells herbal capsules, juices, and oils through its own stores and offers a range of more than 200 products for a variety of ailments.
"The target audience for our products is the ones in the age group of between 35 and 45. We use the manufacturing facilities and research and development centers of Baidyanath. Our aim is to arrive at the right sourcing and dosage which is vital if customers are taking our capsules," Mr. Sharma said to The Hindu.
"The market for herbal supplements in the U.S. is huge and we will soon export our products to U.K., Germany, Australia and the Middle East." Kapiva plans to enter the personal care and grooming segment soon, he added.
He further told The Hindu, "So far our products have been accepted by our customers due to word of mouth. The plan now is to make it available in more cities. During the last 10 months, we have had a total turnover of Rs 40 lakhs."
"By end of this fiscal year we hope to reach one crore in terms of sales," he said.
"We not only meet the standards laid down by AYUSH but we are also FDA compliant," Mr. Sharma said. "All the products also comply with the World Health Organization's GMP standards."