New Delhi: Women's healthcare startup Gynoveda on Wednesday said it has raised USD 10 million (over Rs 80 crore) in Series A funding led by India Alternatives Fund.
The round also saw participation from Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital amongst others, the company said in a statement.
Existing investor Fireside Ventures, an early-stage venture capital fund, which had earlier invested USD 1 million as seed capital in October 2019, also participated in the round, said Gynoveda, which combines ayurveda with new age technology focussing on women's healthcare, primarily for menstrual and reproductive health.
"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," the company said in a statement.
It further said it "aims to raise awareness about the importance of menstrual health on a grassroot level, making Ayurveda the first choice for women's healthcare".
Gynoveda founder & CEO, Vishal Gupta said the company has tripled its revenue year-on-year between FY20 and FY23 to reach Rs 100 crore annual revenue run rate within three years of its inception.
India Alternatives Private Equity Fund, Founder, Managing Director, and CEO Shivani Bhasin Sachdeva said, "This investment fits perfectly with our investment themes of women and health." Sachdeva further said, "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."
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