As of 2024, India’s Ayurvedic product market is valued at $7 billion while estimations say that this number will grow by 132.4% to $16.27 billion within FY28.
According to the Ayurveda tech startup NirogStreet, the overall Indian Ayurvedic industry including its products and services is expected to grow at a 15% CAGR from FY23 to FY24.
The government body of India responsible for traditional and alternative medicine systems, The Ministry of AYUSH has confirmed that the AYUSH sector has increased to $24 billion within the past 10 years.
With the evolution of customer preferences and increasing government support, the Indian Ayurvedic industry has made its own space in the market.
In this article, we will discuss some of those Indian Ayurvedic startups that reshaped and redefined the market by blending tradition and innovation to improve the lives of millions.
1. Aadar
Established in 2018, Aadar is a digital platform that aims to provide a non-judgemental space for men to discuss their health concerns transparently and without hesitation.
Ages ago, one of the founders of the company Aadil Shah explored the true potential of Ayurveda while trying to cure his health issues. Later, Aadil Shah and co-founder Pratul Mangal founded Aadar to bring Ayurveda into contemporary living.
This Mumbai-headquartered startup believes that sexual wellness is a significant element of overall men’s health. Its digital platform unites ancient Ayurvedic wisdom with cutting-edge technology to offer user-friendly solutions that emphasize customers’ well-being.
Remarkably, women play a crucial role in this firm as its manufacturing part is entirely led and administrated by women.
Promoting Ayurveda by contributing to men’s health while empowering women, Aadar had a valuation of $1.19 million as of 2022.
2. Akiva Superfoods
Gurugram-headquartered Akiva Superfoods is a wellness food FMCG company that offers various innovative, trustworthy, familiar, and premium quality food items ideal for kitchen-dining-table consumption.
Ayurveda has played a major role in this startup’s success. Founder Shalabh Gupta targeted the urban population and working youth for Akiva’s ready-to-drink Ayurvedic beverages.
Formed in 2016, the startup offered its customers Ayurvedic shots while making Ayurveda fascinating for the new generation. The packaging was also eye-capturing as the drinks came in small test tubes.
As of 2019, Akiva has disposed of over 5 lakh Ayurvedic shots while in 2021 the startup was selling more than 1 lakh shots per month. Akiva had a valuation of $676K as of December 2022.
3. Gynoveda
Led by a husband-wife duo Vishal Gupta and Rachana Gupta, Gynoveda is an Ayurvedic medicine company that aspires to contribute to millions of couples’ lives by helping them fulfill their dream of becoming parents.
This Mumbai-headquartered startup unites Ayurveda, technology, content, and community to overcome fertility, PCOS, and menstrual disorders.
As of March 2023, the startup had a valuation of $31.1 million and it launched its brand-new fertility clinic in Pune in May 2024, marking an important milestone in its journey.
On the downside, The Food and Drug Administration (FDA) performed a consequential raid on the storehouse of Gynoveda Femtech Pvt. Ltd. on 13th September 2024.
The operation of the FDA uncovered that Gynoveda’s packaging made unacceptable declarations which included affirmations about treating various conditions like hypertension and diabetes.
Through this raid, it revealed that founded in 2019, this company was violating provisions of the Drug and Magic Remedies (Objectionable Advertisements) Act of 1954, which led the FDA to seize the firm’s medicines worth Rs.6 lakhs.
4. Just Herbs
Just Herbs based in Mohali, is a personal care product manufacturing company that offers Ayurvedic skin and hair care products made out of plant-based components and treasured herbs collected from all across India.
Led by an award-winning biochemist Neena Chopra, Arush Chopra, and Megha Sabhlok, this startup aimed to offer beauty solutions that can work on diverse degrees through practicing traditional Ayurveda by learning it from contemporary knowledge.
Formed in 2018, Just Herbs is famous for its wide range of hair care products such as Conditioner with Castor and Black Onion Seed, Anti-Dandruff Shampoo with Hibiscus and Vetiver, Castor and Black Onion Seed Shampoo etcetera to focus on various hair-related issues and claims to treat them well.
The company’s primary target audience includes women aged between 22 and 45 who prefer Ayurvedic solutions in their beauty regime. On the other hand, serving in a D2C space and exploiting technology, the startup strengthened its business portfolio in every aspect.
Meanwhile, consumer demand for natural and fragrance-free products has surged over the past decade, which is why Just Herbs is boosting its offerings in the Ayurvedic space, according to co-founder and CEO Arush Chopra.
Currently, valued at $4.17 million, Just Herbs has collaborated with global entertainment and lifestyle media Pinkvilla to reinterpret the beauty at the Pinkvilla Screen and Style Icons Awards.
5. Kapiva Ayurveda
Founded in 2016, Kapiva Ayurveda based in Bengaluru, is a brand specializing in Ayurvedic health and wellness products, that offer a range of herbal supplements, skincare, and nutrient-based products, emphasizing natural components and traditional practices.
Founded by Ameve Sharma, Anuj Sharma, and Shrey Badhani, Kapiva generated Rs.114Cr. in FY23 as its revenue, which almost doubled from Rs.59Cr. in FY22.
With a valuation of $73.9 million, the startup also filed a net loss of Rs.64Cr. in FY23 surging by 33% from Rs.48Cr. in FY22.
6. OZiva
Led by Aarti Gill and Mihir Gadani, Mumbai-headquartered OZiva is an Ayurvedic health and wellness brand that offers clean and plant-based nutritional supplements through its diverse product range including protein powders, vitamins, and other health-focused items.
Founded in 2010, D2C nutrition brand OZiva was acquired by Hindustan Unilever (HUL) in 2022, and it reported a modest 4% growth in revenue to Rs.104Cr. in FY24.
Currently, valued at $87.5 million, OZiva to date has raised a total funding of $17 million led by investors such as Eight Roads Ventures, Matrix Partners, and Stride Ventures
7. Patanjali Ayurved
An Indian multinational conglomerate holding company, based in Haridwar, Patanjali Ayurved manufactures Ayurvedic medicines, cosmetics, personal care, and food products.
Established by Acharya Balkrishna and Baba Ramdev, Patanjali primarily started its journey with the aim of rural and urban development. The startup claims to believe that the farmers are their main asset since the firm takes various initiatives for farmers to raise their earnings.
As of September 2024, Patanjali Food’s share price witnessed a 4.2% reduction to Rs.1850 on the National Stock Exchange (NSE) after a large block deal.
On July 9, the Supreme Court recognized Patanjali Ayurved’s announcement that it instructed its exclusive and franchise stores to take 14 herbal medicines off the cabinets due to suspended licenses.
Founded in 2006 and valued at $9.07 million as of 2008, Patanjali Ayurved made a mark in the Ayurveda industry as a major player. The board of Patanjali Foods Limited (PFL) has approved the acquisition of the Home and Personal Care (HPC) business from Patanjali Ayurved Limited (PAL).
This move by the company is to be marked as a major step in PFL’s transformation into a leading fast-moving consumer goods (FMCG) company. The deal is valued at a lump sum of Rs.1100 crore.
8. Vedix
Formed in 2017, Vedix is a brand that specializes in personalized Ayurvedic skincare and hair care products. It makes Ayurvedic formulations according to individual dosha types such as Vata, Pitta, and Kapha while ensuring that products are customized to specific skin and hair needs.
Founded by Chaitanya Nallan, Sangram Simha, and Veerendra Shivhare, Vedix runs two lifestyle media platforms – Momjunction and Stylecraze to endorse beauty and wellness brands on these websites.
The Hyderabad-headquartered startup, Vedix confirmed its partnership with Shoppers Stop since Vedix launched its first shop-in-shop store in Shoppers Stop, Garudda Mall. Bengaluru to expand its offline business potential.
