Food brand Kapiva Ayurveda said it has raised $2.5 million (Rs 17.8 crore) in a fresh round of funding led by early-stage consumer-focused venture fund Fireside Ventures.
The round also saw participation from 3one4 Meridian, which is the family office of TV Mohandas Pai, Infosys’ former finance chief; Madhusudan Kela, former chief investment strategist at Reliance Capital; and promoters of ready-to-eat food maker Gits Food.
Kapiva, run by Adret Retail Pvt. Ltd, said in a statement will use the funds to scale up its distribution presence and build brand awareness.
Kapiva has a portfolio of over 40 ayurvedic food products, which include herbal juices, ghee and honey, according to the release.
Ameve Sharma, co-founder of Kapiva, said, “We have a huge headroom for growth since less than five per cent of the food and consumable products in India are natural or herbal. We are making a difference through value-added nutrition, especially through careful sourcing of ingredients.”
VS Kannan Sitaram, venture partner at Fireside Ventures, said, “Kapiva is targeting the fast-growing everyday wellness foods space with high-quality products developed using appropriate technology.”
Mumbai-based Kapiva was founded in 2016 by Ameve Sharma, a family member of Baidyanath Group, which makes ayurvedic products, and Shrey Badhani, who earlier worked at consultancy Bain & Co.
The company’s products are available in over 4,000 outlets in 10 cities across India, according to the release. The firm also sells products online on its own website and other platforms such as Amazon, BigBasket and Netmeds.
In 2017, Kapiva raised around Rs.4.4 crore from a group of angel investors.
Fireside Ventures’ leadership includes managing partner Kanwaljit Singh, venture partner Kannan Sitaram, partner Vinay Singh and former Myntra finance chief Dipanjan Basu, who has joined as partner and finance chief.
Fireside Ventures invests in consumer brands across sectors such as food and beverages, personal care, lifestyle and home products.
Fireside Ventures’ current portfolio includes Yoga Bar, Samosa Singh, Goodness Beverages, Design Café, Bombay Shaving Company, boAt, Mama Earth, Vahdam Teas, Magic Crate, Pipa Bella and Alpha Vector.