Indian D2C brand The Ayurveda Experience (TAE) on Friday said it has raised $27 million in a Series C funding round led by Singapore-based early-growth stage VC Jungle Ventures.
The funding round, which has brought total funds raised by the company to $41 million, also saw participation from SIDBI Ventures, Anicut Capital, and Sharrp Ventures (Mariwala Family Office). Previous rounds saw backing from investors like Fireside Ventures and Riverwalk Holdings.
Founded in 2010, TAE owns four lines of beauty and health products — iYURA, Ajara, A Modernica Naturalkis, and Ayuttva — which it sells and distributes on its platforms across 20 countries.
The firm plans to use funds to deepend its brand presence and recognition in exiting markets, ramp up customer engagement on platforms and invest in R&D and scale new avenues for distribution.
“Significant investment will be channeled into innovative content and technologies for enhancing user engagement across our platform and driving innovations across the supply chain,” Rishabh Chopra, Founder and CEO of The Ayurveda Experience, said.
Last year, Jungle Ventures also invested in Delhi-based NirogStreet, a platform that strives to make ayurveda the first call of treatment for people in India.
The Indian government has been taking several steps to promote ayurveda, which inter-alia includes setting up of a Central Council for Research in Ayurvedic Medicine (CCRAS) and Ayurvedic National Institutes in different parts of the country; integration of AYUSH with the modern system of medicine; signing of MoUs with Ministry of Railways and Ministry of Defence; and mainstreaming of AYUSH, including ayurveda by establishing health and wellness centres under Ayushman Bharat Yojana, etc.
Other prominent investments in the space in the past months include The Ayurveda Co’s Rs 100-crore Series A round from Sixth Sense Ventures and Gynoveda’s $10 million in Series A funding led by India Alternatives Fund.
HempStreet, a healthtech startup with a focus on cannabis, raised $1 million in its pre-Series A funding round led by existing investor Carl Waahlin of Waahlin Holdings.