Investors including SIDBI Ventures, Anicut Capital, and Sharp Ventures (part of the Mariwala Family Office, which runs consumer goods giant Marico) also participated in the round. Of the $27 million, approximately $15 million was raised as primary funding, the proceeds of which were donated to the company, and the remainder was used to sell secondary shares by existing shareholders.
Improve your technical skills with high-value skills courses
| offering college | course | Website |
|---|---|---|
| IIM Lucknow | IIML Executive Program in Fintech, Banking and Applied Risk Management | visit |
| Indian School of Business | ISB product management | visit |
| IIM Kozhikode | Advanced data science for IIMK managers | visit |
The company did not disclose the valuation at the time of funding.
With this round, the company has raised a total of $41 million to date, with Fireside Ventures being one of its early investors. Founder and CEO Rishabh Chopra is the largest shareholder with approximately 25% stake, followed by Jungle Ventures and Fireside Ventures.
“As India continues to assert itself on the world stage, there is a unique opportunity for Indian entrepreneurs to build global brands with a distinctly Indian flavor… At Jungle, we are committed to building brands that are deeply loved by our customers. We remain committed to supporting founders as they build, and TAE is a great fit.”We are fully committed to this,” said Arpit Beri, partner at Jungle Ventures.
Chopra told ET that the funds raised will be invested in research and development, brand building, manufacturing and supply chain improvements. More than 95% of the company’s sales come from overseas markets such as the United States, Australia, Europe, and Canada. He added that the company is currently considering expansion into several “developed countries in Asia.”
Find a story that interests you
The company owns four beauty and health products – iYURA, Ajara, A Modernica Naturalist and Ayuttva – which it manufactures, sells and distributes on its platform. It also offers a wide range of services including consulting, content, webinars, and courses on Ayurveda. Chopra said more than 95% of the company’s sales are generated through his company’s website. He said the company will continue to invest in its website, adding: “We are not dependent on e-commerce channels.”
The company also operates two stores in Los Angeles and partners with various retailers across markets. Last year, ET reported on the broader trend of D2C brands looking to establish a physical presence through omnichannel expansion in India.
Chopra said Ayurveda Experience aims to generate revenue of Rs 259 crore in FY23 and increase to Rs 350 crore in FY24. It posted a net loss of Rs 17 billion in FY23.
