Direct-to-consumer (D2C) brand The Ayurveda Experience, run by Transformative Learning Solutions Pvt Ltd, said Friday it has concluded a Series C funding round of $27 million (Rs 223 crore).
The round was led by Singapore-based Jungle Ventures. SIDBI Ventures and existing investors Anicut Capital and Sharrp Ventures, the family office of Marico’s Harsh Mariwala, also joined the round.
The round was a mix of primary investment and secondary share sale. The exact split of the primary and secondary components was not disclosed.
By way of the current infusion, the startup has raised around $41 million in funding to date.
In January 2023, VCCircle reported that the startup was in talks with investors to raise $25-30 million in equity funding and was seeking a valuation of around $125 million- 130 million in the transaction.
The company plans to use the new funds to expand its brand presence in existing markets, increase customer engagement on its platform, invest in product research and development (R&D) and scale new avenues for distribution.
The Ayurveda Experience is a Gurugram-based Ayurvedic health and wellness platform and was founded in 2010 by Rishabh Chopra.
It has a presence in North America, Europe, Canada, Australia, and India and owns four lines of beauty and health products namely, iYURA, Ajara, A Modernica Naturalist, and Ayuttva — which it manufactures, sells and distributes on its platform. It also provides a range of services including consultation, content, webinars, and courses on Ayurveda.
In 2022, the brand raised Rs 50 crore (about $6 million) in a funding round led by Anicut Capital. The round also saw participation from Sharrp Ventures and Singularity Ventures, among others. Its other investors include Fireside Ventures, The Kalpvriksh Fund of Centrum Group, Riverwalk Ventures, and Emerge Capital, among others.
Meanwhile, this is the second investment by Jungle Ventures in the consumer space over the past month. In February, the firm doubled down on Indian ice cream maker Walko Food Co. Pvt. Ltd, which operates the ice cream brand NIC. The firm invested $20 million (Rs 166 crore) in the brand.
Jungle Ventures was set up by Amit Anand and Anurag Srivastava. The firm secured $10 million for its debut fund in 2012. It raised $100 million for its second fund in 2016 and $240 million for its third vehicle in 2019. It closed its fourth fund in May 2022 as it managed to raise $600 million, higher than its initial target corpus of $350 million.
The VC firm’s India portfolio includes insurtech platform Turtlemint, edtech company Leap, blue-collar workforce management firm BetterPlace, social commerce platform CityMall, and consumer appliances startup Atomberg.
