Ayurveda Experience Funding: D2C startup Ayurveda Experience secures $27M in funding led by Jungle Ventures

Ayurveda Experience (TAE), a direct-to-consumer company specializing in Ayurvedic beauty and health products, has raised $27 million in a funding round led by Singapore-based venture capital firm Jungle Ventures. Other investors in the round included SIDBI Ventures, Anicut Capital, and Sharp Ventures (part of the Mariwala Family Office, which runs consumer goods giant Marico). Of the $27 million, about $15 million was in a primary fundraise, with proceeds going to the company, and the rest was earmarked for a secondary share sale by existing shareholders.

The company did not disclose its valuation at the time of funding.

This round brings the company’s total funding to date to $41 million, with Fireside Ventures being one of the earlier investors. Founder and CEO Rishabh Chopra is the largest shareholder with about 25% stake, followed by Jungle Ventures and Fireside Ventures.

“As India continues to assert its presence on the global stage, there is a tremendous opportunity emerging for Indian entrepreneurs to build global brands with a uniquely Indian flavour. At Jungle, we are committed to backing founders who build brands that customers deeply love, and TAE is a great fit for this,” said Arpit Beri, Partner at Jungle Ventures.

The funds will be invested in research and development, brand building, and improving manufacturing and supply chain, Chopra told ET. More than 95% of the company’s sales come from overseas markets such as the US, Australia, Europe and Canada. The company is currently looking at expanding into several “developed Asian economies”, he added.

The company owns four beauty and wellness product lines – iYURA, Ajara, A Modernica Naturalist and Ayuttva – which it manufactures, sells and distributes through its own platform and also offers a range of services including Ayurvedic consulting, content, webinars and courses.

Chopra said more than 95% of the company’s sales are made through its website, and the company will continue to invest in it, adding that “we are not dependent on e-commerce channels.”

The company also operates two stores in Los Angeles and has partnerships with various retailers across the market. ET reported last year on the broader trend of DTC brands looking to establish brick-and-mortar presence in India through omnichannel expansion.

Chopra said Ayurveda Experience aims to earn revenue of Rs 2,590 crore in fiscal 2023 and increase it to Rs 3,500 crore in fiscal 2024. It posted a net loss of Rs 170 crore in fiscal 2023.