The Ayurveda Experience (TAE), a company focused on Ayurvedic beauty and health products directly to consumers, secured $27 million in funding. The funding round was led by Jungle Ventures, a venture investment firm based in Singapore. Other investors, including SIDBI Ventures, Anicut Capital, and Sharrp Ventures (associated with the Mariwala Family Office, which operates consumer goods company Marico), also participated.
In this funding round, approximately $15 million was allocated for primary funding, benefiting the company directly. The remaining funds were dedicated to secondary share sales by existing shareholders.
The company did not disclose the valuation at which it raised the money.
Including this latest round, the company has raised a total of $41 million up to now. Fireside Ventures was among the earlier investors. Rishabh Chopra, the founder and chief executive, holds the largest share of about 25%. Following him are Jungle Ventures and Fireside Ventures.
“As India continues to assert itself on the global stage, a distinctive opportunity arises for our entrepreneurs to establish global brands with uniquely Indian flavours… At Jungle, we remain deeply committed to backing founders building brands deeply loved by the customers, and TAE fits very well into this,” said Arpit Beri, partner at Jungle Ventures.
According to Chopra, the funds raised will be utilized for research and development, brand building, and enhancing manufacturing and supply chain capabilities. The majority, over 95%, of the company’s sales originate from foreign markets such as the US, Australia, Europe, and Canada. The company is now eyeing expansion into selected “developed Asian economies”.
The company operates four lines of beauty and health products – iYURA, Ajara, A Modernica Naturalist, and Ayuttva. These products are manufactured, sold, and distributed through its platform. Additionally, the company provides various services, including consultation, content, webinars, and courses on Ayurveda.
Chopra mentioned that more than 95% of the company’s sales take place through its own website. Emphasizing their commitment, he stated that the company will continue investing in its website, emphasizing, “We do not rely on channels like Amazon”.
In addition to its online presence, the company operates two stores in Los Angeles and has established partnerships with various retailers in its markets. This aligns with a broader trend among D2C brands in India, seeking to expand their physical presence through omni-channel strategies.
For fiscal year 2023, The Ayurveda Experience generated revenue of Rs 259 crores. Looking ahead to FY24, Chopra expressed the company’s goal to increase this to Rs 350 crore. However, in FY23, the company reported a net loss of Rs 17 crore.
