Femtech startup Gynoveda grabs $10M led by India Alternative Fund
The femtech platform is targeting to reach about a million users in the next 3-5 years, and expand offline presence across stores in Maharashtra, Uttar Pradesh and Bihar, among other states.
, a femtech platform, has raised $10 million in a Series A round led by India Alternative Fund. The round also saw participation from RPG Ventures, Wipro Enterprises, and Alteria Capital, with existing investor Fireside Ventures.
The platform aims to use the funds over the next 3-5 years to expand its presence across physical stores, double the current team of 50 employees, and reach about a million women. Currently, Gynoveda claims to have treated three lakh women residing across 20,000 pin codes in India.
"We are expecting to see a retention of close to 60% from the million women we aim to cater to," Vishal Gupta, Founder and CEO, Gynoveda told YourStory.
Founded in 2020, Gynoveda provides consultations and medication to treat menstrual health problems. The platform's bot offers a three-minute period test that, if answered correctly, provides information about the possible disorder and methodologies to treat it.
Gynoveda’s target audience is women between the ages of 15 and 45 years. In 2021, its major chunk of demand came from metro cities including Mumbai, Delhi, Bengaluru, and Hyderabad. The platform is now targeting an offline presence across Tier I and II cities across Maharashtra, Bihar and Uttar Pradesh, among other states.
"Today, over 40% of online shoppers are women, up from 10% a few years ago. Women’s health globally is an underserved market," said Shivani Bhasin Sachdeva, Founder and CEO, India Alternatives Private Equity Fund, in a release shared by the company.
So far, the startup has raised an undisclosed seed round from Fireside Ventures. The platform currently competes with Sequoia-backed Veera Health, which connects patients suffering from PCOS with the right doctors.
Edited by Kanishk Singh