[Funding alert] Centrum’s PE Fund Kalpavriksh invests Rs 15 cr in 2 consumer startups: The Ayurveda Experience and Dunzo
Centrum Group’s PE fund Kalpavriksh has made investments in two niche consumer startups: The Ayurveda Experience and Dunzo.
Kalpavriksh has invested Rs 10 crore in Delhi-based The Ayurveda Experience, an online, direct-to-consumer Ayurveda content and products company. The startup plans to use this funding round to scale up its research and development facility to further strengthen its product portfolio and increase its geographic reach. As part of the agreement, Giri Krishnaswamy, CIO, Kalpavriksh Fund, will join the company’s board.
Founded in 2010 by Rishabh Chopra, The Ayurveda Experience is engaged in the manufacture, sales, and distribution of Ayurvedic products in India and globally. Through its brands, iYURA and Ajara, the company sells healthcare, personal care, and Ayurvedic nutrition products in five countries. It had also received funding in January this year from Fireside Ventures.
Kalpavriksh has also invested Rs 5 crore in Bengaluru-based Dunzo, a mobile app-based, concierge services provider that connects consumers with its delivery partners. The partners perform tasks such as local grocery shopping, food delivery, arranging medical supplies, etc. and deliver them to the consumer’s residence for a fee. Dunzo claims to have serviced approximately one million orders in March 2019.
Dunzo will use the funds to expand operations in Pune, Chennai, Hyderabad, Delhi, and Gurgaon, and work towards being profitable in these micro markets.
In February 2019, MakeMyTrip Founder Deep Kalra had invested Rs 3 crore in Dunzo. This Rs 3 crore was a part of Dunzo's $30 million Series C funding. Dunzo was founded in 2015 by Kabeer Biswas, Ankur Aggarwal, Dalvir Suri, and Mukund Jha.
Giri Krishnaswamy, CIO of Kalpavriksh Fund, said,
“We continue to back niche businesses that have built a distinct business model, created brand equity, and have the potential to scale up rapidly. Both investments are backed by a robust technology platform and have demonstrated sustained growth through innovation and strong customer engagement.”