PC: Entrackr
Ayurvedic nutrition flagship D2C brand Kapiva has raised its latest funding round of Rs 83.5 crore or $10 million led by OrbiMed Asia and joined by 3One4 Capital and Vertex Ventures. Regulatory filings sourced from the Registrar of Companies show that the board of Kapiva has approved the issue of 5,62,631 compulsorily convertible preference shares to raise this amount.
OrbiMed Asia has led the funding round, which adds up to Rs 52.2 crore. Two such contributions of Rs 11.96 crore and Rs 19.33 crore came from 3One4 Capital and Vertex Ventures, respectively. This new capital comes as an extension of Series C funding for Kapiva, by which the company aims to raise Rs 250 crore.
Entrackr had earlier reported Kapiva’s Series C round in November 2022. With this further funding, Kapiva has managed to raise Rs 132 crore in the current round. The company had raised Rs 48.75 crore or $6 million in Series C round from OrbiMed and other existing investors in October 2022.
As a strategic play to retain the talent at hand, Kapiva had added 1,415,00 new employee stocks to the Employee Stock Ownership Plan, which increased the ESOP pool by 4,47,741 shares, separate filings show. The overall ESOP pool for Kapiva is estimated at Rs 66 crore.
The newly raised amount will be used to grow and further build Kapiva as it builds its position in the highly competitive ayurvedic nutrition space. Having raised over $30 million since its inception in 2015, Kapiva boasts of a strong portfolio of investors that include Jetty Ventures, Fireside, OrbiMed, and 3One4 Capital. According to data insights derived from startup intelligence platform TheKredible, the startup has been valued at around $80 million post-allotment.
Kapiva, a company specializing in natural and organic health and skincare products for hair fall, weight loss, digestion, and diabetes among other issues has juices, teas, oils, shakes, and many more. The company has seen 87% year-on-year growth to Rs 116.48 crore in revenues during the fiscal ended in March 2023. However, it reported a loss of Rs 64.5 crore for the same period. Kapiva has not released its annual fiscal 2024 results.
While the D2C ayurveda segment is a tsunami of organized brands, Kapiva has tough competition in the form of brands Upakarma Ayurveda, Dr. Vaidya’s, and Varalife. Having gotten a new funding fillip and with steady growth momentum, Kapiva appears well-equipped to continue to scale up in this emerging space of ayurvedic nutrition.
