The Ayurveda Experience (TAE), a direct-to-consumer skincare and nutrition brand, has raised $27 million in a Series C round led by Jungle Ventures, a Singapore-based VC firm focussed on early-growth stage companies in India and Southeast Asia.
The financing round also saw participation from SIDBI Ventures, Anicut Capital and Sharrp Ventures (Mariwala Family Office), pushing the total amount raised by the company to over $41 million.
The Ayurveda Experience plans to use the new funds to further deepen its brand presence, ramp up customer engagement, invest in product R&D and scale new avenues for distribution, the company said in a press release.
Founded by Rishabh Chopra in 2010, The Ayurveda Experience offers ayurveda-inspired skincare and wellness products, foods, beverages, and supplements.
The firm owns four lines of beauty and health products: iYURA, Ajara, A Modernica Naturalist, and Ayuttva — which it manufactures, sells and distributes on its platform. They also offer a range of services including consultation, content, webinars, and courses on ayurveda.
Currently, The Ayurveda Experience sells products in 20 countries including India, with over 97% of its customers purchasing the products directly from its own app and website. The company claims that it is the largest D2C Ayurveda content and products company in North America, Europe, Canada, Australia, and India.
For the fiscal year ending in March 2023, The Ayurveda Experience’s revenue from operations grew 84% to Rs 259 crore from Rs 141 crore in FY22, The growth in scale and controlled expenditure may help the company break even or turn profitable in FY24 as its losses declined 30% to Rs 17 crore in FY23 from Rs 24 crore in FY22.
As of Series B round, Fireside Ventures was the largest external stakeholder in The Ayurveda Experience with 17.81% followed by Kalpavriksh Trust and Anicut Capital. The company’s founder, Chopra, held more than 30% stake.
