Kapiva reported Rs 114-crore revenue from operations for FY23, nearly double from Rs 59 crore in FY22, according to its regulatory filings with the Registrar of Companies (RoC). However, the company also saw its net loss widen to Rs 64 crore in FY23 from Rs 48 crore in the previous year.
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It attributed increased losses to “additional investments in the team and marketing costs”.
In FY23, the company reported a total revenue of Rs 116.4 crore, up from Rs 62 crore in FY22, with a significant portion attributed to product sales on its platform.
The startup’s total expenses in FY23 amounted to Rs 181 crore, up from Rs 110 crore in FY22. Its sales and marketing expenses reached Rs 64 crore in FY23. Its total employee benefit expenses rose to Rs 33 crore in FY23 from Rs 22 crore in FY22, and transportation costs increased to Rs 17 crore from Rs 12 crore during the same period.
Founded in 2015, Kapiva focuses on ayurveda-based fast moving consumer goods, spices, and health and wellness products addressing issues such as hair fall, weight loss, digestion, and diabetes.
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With the heightened demand for ayurveda and wellness products, the ayurvedic products market is expected to reach Rs 1,82,400 crore by 2028 from Rs 62,600 crore in 2022, growing at a combined annual growth rate of 19.3% during 2023-2028, as per market research firm International Market Analysis Research and Consulting Group (Imarc Group).The ayurvedic products market has seen increased consumption in the aftermath of Covid-19 pandemic and a push from the central government to promote ayurveda products.
The firm, which counts 3one4 Capital, Oyo’s Maninder Gulati, and Marico’s Rishabh Mariwala among its investors, is also planning to expand internationally and invested $2 million in its US-based subsidiary in April 2023 for this purpose. Kapiva appointed Nicholas Kelley as its CEO for the United States in June 2023.
Additionally, it announced a collaboration with Bollywood actor Tiger Shroff in December 2023.
According to Tracxn, Kapiva has so far raised over $22 million in funding, including a round of over $6 million that it closed in October 2022 from investors including healthcare-focused, mid-stage private equity firm Orbimed, Vertex Ventures, and 3one4 Capital.
Among other D2C ayurveda brands, The Ayurveda Co had raised Rs 100 crore in March 2023 and Anicut Capital-backed The Ayurveda Experience raised Rs 50 crore in December 2022, as ET reported earlier.