Kalpavriksh Fund Successfully Exits The Ayurveda Experience With Over 6x Returns

• ByStartupStory     |    July 18, 2024

Kalpavriksh Fund, a venture capital fund managed by Acorn Fund Consultants Pvt Ltd, has announced the successful exit from its long-term investment in the cross-border direct-to-consumer (D2C) beauty and health Ayurveda brand, The Ayurveda Experience (TAE), realizing over six times return on investment.

Kalpavriksh Fund first invested in TAE in 2018 as part of its Series A funding round and participated in multiple follow-on investments. In 2023, Kalpavriksh Fund was acquired by Prowess Advisors Pvt Ltd., a global leader in food and agri-business advisory services, led by Rajesh Srivastava as Chairman and Rohit Bahadur as Managing Director and CEO.

Commenting on the exit, Rajesh Srivastava, Chairman of Acorn Fund Consultants Pvt Ltd, stated, “The remarkable returns underscore Kalpavriksh’s unwavering commitment to supporting innovative companies like The Ayurveda Experience that are not only redefining customer experiences in the wellness industry but also contributing significantly to the vibrancy of the Indian entrepreneurial landscape.” He added, “We have launched a second scheme in the Kalpavriksh family of funds with a target corpus of INR 500-750 crores focused on offering bespoke private credit products to the Food, Agribusiness, and Sustainability sectors.”

Founded by Rishabh Chopra, The Ayurveda Experience is a global health, wellness, and beauty platform that serves over 1.38 million customers. The company offers a range of safety and efficacy-focused Ayurveda-inspired brands, including skincare, body care, hair care products, wellness supplements, and functional foods in select markets. TAE recently raised $27 million in a Series C funding round led by Jungle Ventures, with participation from SIDBI Ventures, Anicut Capital, and Sharrp Ventures (Mariwala Family Office). This latest round brings the total amount raised by TAE to over $41 million (₹342 crore), with previous backing from Fireside Ventures and Riverwalk Holdings.

Saransh Verma, Chief Investment Officer at Kalpavriksh Fund, expressed pride in the company’s achievements: “The Ayurveda Experience’s dedication to harnessing the power of Ayurveda for a global audience has been truly impressive. The business has scaled over 10 times since then and has significantly expanded its customer base and product portfolio. We’re proud to have been a part of their journey from the very beginning, and we’re confident they’ll continue to revolutionize the wellness industry.”

Kalpavriksh Fund manages assets worth approximately INR 900 million, focusing on growth-stage investments in the food, agribusiness, sustainability, and affiliated tech sectors in India. The fund’s portfolio includes investments in companies such as EV ride-hailing and charging infrastructure company BluSmart and paperless digital examination technology startup Littlemore Innovations. Prowess Advisors, a leading global financial and advisory services company, offers specialized investment banking and consulting services across food, agribusiness, sustainability, tech, and allied sectors. The company has fortified its leadership position through strategic partnerships and acquisitions, including that of Kalpavriksh Fund.

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