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Kolkata based Kapiva Ayurveda, a healthcare startup and a sister concern of the Baidyanath Group, is planning to raise about $8 million within a year-and-half to expand its product portfolio and invest in marketing.
The company sells herbal capsules, juices and oils through its own stores and also exports it to the U.S. It offers a range of more than 200 products for a variety of ailments. Kapiva faces competition from brands such as Dabur, Himalaya and new entrant Patanjali.
Kapiva had raised one million dollars about 10 months ago from Gits Foods and other private investors. Kapiva plans to enter the personal care and grooming segment soon.
According to Stratistics MRC, the global herbal supplements market was estimated at $49.1 billion last year and is forecast to grow to $86.7 billion by 2022.
As per the Confederation of Indian Industry (CII), India’s herbal industry is worth about Rs. 4,200 crore with a potential to reach Rs. 7,000 crore by 2020 and export of ayurvedic drugs and allied herbal products is about Rs. 440 crore.
Kapiva uses the manufacturing facilities and research and development centres of Baidyanath. The aim of the startup is to arrive at the right sourcing and dosage which is vital if customers are taking their capsules.