India Alternative Fund leads $10M funding for Femtech startup Gynoveda
- ByStartupStory | March 15, 2023
Femtech platform Gynoveda has successfully raised $10 million in a Series A funding round led by India Alternative Fund, along with participation from RPG Ventures, Wipro Enterprises, and Alteria Capital. The round also included existing investor Fireside Ventures.
Gynoveda plans to utilise the recently raised $10 million in the next 3-5 years to achieve its expansion goals, which include increasing its physical store presence, doubling its current team of 50 employees, and catering to around one million women. The femtech platform already boasts of treating 300,000 women in 20,000 pin codes across India.
Gynoveda, established in 2020, specialises in providing consultations and medication for menstrual health issues. The platform features a bot that conducts a three-minute period test, which helps identify potential disorders and provides information on the treatment options available.
Gynoveda caters to women aged between 15 and 45 years and has witnessed a significant demand from metropolitan areas such as Mumbai, Delhi, Bengaluru, and Hyderabad in 2021. The femtech platform now plans to expand its reach by establishing a physical presence in Tier I and II cities across various states, including Maharashtra, Bihar, and Uttar Pradesh.
According to Shivani Bhasin Sachdeva, Founder and CEO of India Alternatives Private Equity Fund, “the number of women online shoppers has increased from 10% a few years ago to over 40% today. She also mentioned that the global market for women’s health remains underserved”. The statement was shared by the company in a release.
Gynoveda had previously raised an undisclosed amount in seed funding from Fireside Ventures. The femtech platform faces competition from Veera Health, which is backed by Sequoia and focuses on connecting patients with the right doctors for PCOS treatment.
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