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- byStartup Stories | July 18, 2024
Kalpavriksh Fund, a venture capital fund managed by Acorn Fund Consultants Pvt Ltd, has announced a successful exit from its long-term investment in The Ayurveda Experience (TAE), a cross-border direct-to-consumer beauty and wellness Ayurvedic brand, achieving over 6x return on investment.
Kalpavriksh Fund first invested in TAE in 2018 as part of its Series A funding round and has subsequently participated in multiple follow-on investments. In 2023, Kalpavriksh Fund was acquired by Prowes Advisors, a global leader in food and agribusiness advisory services, led by Chairman Rajesh Srivastava and Director & CEO Rohit Bahadur.
Commenting on the divestment, Rajesh Srivastava, Chairman, Acorn Fund Consultants said, “This impressive return validates Kalpavriksh’s unwavering commitment to back innovative companies like The Ayurveda Experience that are not only redefining the customer experience in the wellness industry but also contributing significantly to revitalize the entrepreneurial landscape in India,” he added, “We have launched the second scheme in the Kalpavriksh family of funds with a target capitalization of INR 5,000-7,500 crore, with a focus on providing bespoke private credit products to the food, agribusiness and sustainability sectors.”
Founded by Rishabh Chopra, Ayurveda Experience is a global health, wellness and beauty platform serving over 1.38 million customers. The company offers a curated selection of Ayurveda-inspired brands with a focus on safety and efficacy, including skin care, body care and hair care products, wellness supplements and functional foods. TAE recently raised $27 million in a Series C funding round led by Jungle Ventures and with participation from SIDBI Ventures, Anicut Capital and Sharp Ventures (Mariwala Family Office). This latest round brings TAE’s total raised to over $41 million (Rs 3,420 crore) to date and is backed by Fireside Ventures and Riverwalk Holdings.
Expressing pride at the company’s achievements, Saransh Verma, Chief Investment Officer, Kalpavriksh Fund said, “It is truly incredible to see Ayurveda Experience’s commitment to taking the power of Ayurveda to people across the globe. Since then, the company has expanded its business more than tenfold and significantly expanded its customer base and product portfolio. We have been proud to be part of the company’s journey from the inception and are confident that it will continue to revolutionize the wellness industry.”
Kalpavriksh Fund focuses on growth stage investments in the food, agribusiness, sustainability and related technology sectors in India and has assets worth approximately INR 900 crore under management. The fund’s portfolio includes investments in companies such as EV ride-hailing and charging infrastructure company BluSmart and paperless digital testing technology startup Littlemore Innovations. Prowess Advisors is a leading global financial and advisory services firm providing specialized investment banking and consulting services across the food, agribusiness, sustainability, technology and related sectors. The firm has strengthened its leadership position through strategic partnerships and acquisitions, including Kalpavriksh Fund.
