KivaShots, an ayurvedic healthcare beverages startup, has raised an undisclosed amount in its angel round of funding from several wealthy individuals.
The Economic Times first reported the development citing the company’s founder Shalabh Gupta that the Gurgaon-based firm will use the funds for product development and geographical expansion.
The investors who participated in the latest round include Rajesh Sud (CEO, Max Life Insurance), Rajit Mehta (MD, Max Healthcare) and Pankaj Chaddha (co-founder, Zomato), among others.
The financial details of the deal couldn’t be immediately ascertained. An email query sent to KivaShots didn’t elicit any response till the time of publishing this report.
The company is seeking to explore the markets in the US, the UK and Middle East in 2018. According to Gupta, the ayurveda food and beverages segment is worth Rs 15,000 crore currently and is growing at the rate of 25-30% yearly.
KivaShots is among a handful of Indian startups that cater to the growing demand for healthy ready-to-drink beverages. In the juice category, cold-pressed juices are capturing the consumers’ imagination as they are perceived to be healthier than other packaged products. Investors are, therefore, betting big on this segment.
Last October, Rakyan Beverages Pvt. Ltd, a Mumbai-based startup that sells cold-pressed juices under the RAW Pressery brand, had raised Rs 40 crore ($6 million) from venture capital firms DSG Consumer Partners, Sequoia Capital and Saama Capital.
Fresh Food Concepts Pvt. Ltd, which sells products under the Juice Up brand, had secured Rs 13.5 crore in a pre-Series A round led by angel investors Siddhartha Gupta and Ashvin Chadha.
In March 2017, Delhi-based cold-pressed juice maker MyGreens had acquired Food Ideas Pvt. Ltd-backed JusDivine in an all-stock deal.