D2C startup Gynoveda raises $10 million in Series A round led by India Alternatives Fund

Mumbai-headquartered femtech startup Gynoveda has received $10 million funding in a Series A round led by India Alternatives Fund, the company said on Wednesday, 15 March 2023. Founded in 2020 by husband-wife duo Rachana Gupta and Vishal Gupta alongwith gynecologist Dr. Aarati Patil, Gynoveda provides consultations and medication to treat menstrual health problems.

In the latest round, other investors include Wipro Enterprises, RPG Ventures, Dharampal Satyapal Ltd, and Alteria Capital. Existing investor Fireside Ventures also took part in the round.

The development comes just a day after when another ayurvedic wellness brand The Ayurveda Co (T.A.C) raised Rs 100 crore in a Series A round of funding led by consumer venture capital (VC) fund Sixth Sense Ventures.

Gynoveda plans to use the money to expand its offline presence and to double its team of 50 people.

"Today, over 40 per cent of online shoppers are women, up from 10 per cent a few years ago. Women’s health globally is an underserved market," said Shivani Bhasin Sachdeva, founder and CEO, India Alternatives Private Equity Fund.

In 2019, VC firm Fireside Ventures invested in Gynoveda and since then Gynoveda is visited by 4 lakh women every month and its customer base grew by 1000x specially during the pandemic in 2020 when women could not visit a gynecologist’s clinic, according to the company's website.

"Gynoveda has so far improved the health of 3 lakh women residing in 20,000 PIN codes of India. This led to the company tripling its revenue year-on-year between FY20 and FY23 to reach ₹100 crores annual revenue run rate within 3 years of its inception. Gynoveda is on a mission to change the lives of 1 million women, which is still a fraction of the billion women worldwide that need this unique ayurvedic solution," said Vishal Gupta in a statement.

Gynoveda is an ayurveda-based startup that mainly sells FDA-certified products to cure infertility, genital problems, irregular menstrual cycle, poor nutrition and wellness in women. Apart from its website, the company sells its products through online platforms like Amazon, Nykaa and Flipkart.