New Delhi, Sept. 29 -- Ayurvedic wellness brand Kapiva has raised $60 million (Rs 510 crore) in a Series D funding round led by homegrown investor 360 ONE Asset and Singapore-based Vertex Growth fund, a top executive told VCCircle.
Existing investors Vertex Ventures Southeast Asia and India and 3one4 Capital also participated in the round, said co-founder Shantanu, who uses only one name.
VCCircle had first reported about Kapiva's plan to raise a fresh round of funding in April.
The funding round includes $28 million in primary capital, with the rest providing an exit to its early backers including Fireside Ventures. The primary capital will be directed towards research and development, manufacturing capabilities, brand building at scale, and building a strong health-tech ecosystem.
"This funding represents confidence in our vision to make Ayurveda the preferred choice for holistic wellness. Our strong results from clinical trials reflects our commitment to products that are both accessible and proven," said Ameve Sharma, founder of Kapiva.
Sharma, a family member of Ayurvedic products maker Baidyanath Group, founded Kapiva along with Shrey Badhani, who previously worked at consulting firm Bain & Co, in 2016. The company elevated its Chief Operating Officer Shantanu and Chief Revenue Officer Anuj Sharma to co-founder roles in 2023.
Kapiva is known for its range of Ayurvedic products such as juices, tea, ghee, honey, vegan protein, oils, among others, across categories like sports nutrition and wellness.
"Kapiva's commitment to scientific Ayurveda-integrating modern science with traditional formulations-has enabled them to create a differentiated product portfolio with strong consumer trust," said Chetan Naik, Senior Fund Manager and Strategy Head-Technology, 360 ONE Asset. "The wellness industry is experiencing a fundamental shift toward preventive healthcare, and Kapiva's evidence-based approach focusing on diabetes, hypertension, energy, liver function and other chronic use cases, sets them apart.
Investment bank Avendus Capital was the exclusive financial advisor on the transaction.
The company previously raised $27.4 million, led by private equity firm OrbiMed. As per a media report last year, it also secured $10 million in an internal round of funding in 2022.
In 2021, VCCircle had reported that it raised Rs 80-85 crore in a funding round led by Vertex Ventures, with participation from Fireside Ventures, Jetty Ventures India, and Rishabh Mariwala. In 2019, the company had raised $2.5 million in a round led by Fireside Ventures.
Kapiva has expanded across the Middle East, Europe and North America and has a wholly owned US subsidiary, Kapiva Inc. In India, it operates through an omnichannel model, and has distribution presence across 40,000 stores.
Published by HT Digital Content Services with permission from VC Circle.