Gynoveda, a female-focused technology platform, has raised $10 million in a Series A round led by India Alternative Fund. RPG Ventures, Wipro Enterprises, and Alteria Capital joined existing investor Fireside Ventures in the round. The platform intends to use the funds over the next 3-5 years to expand its physical store presence, double its current team of 50 employees, and reach approximately a million women. Gynoveda currently claims to have treated three lakh women across 20,000 pin codes in India. "We expect to retain close to 60% of the million women we hope to serve," said Vishal Gupta, Founder and CEO of Gynoveda.
Gynoveda, which was established in 2020, offers advice and medication to address issues with menstrual health. 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.
The target market for Gynoveda is females between the ages of 15 and 45. The majority of its demand in 2021 came from major metropolises like Mumbai, Delhi, Bengaluru, and Hyderabad. As of right now, the platform is aiming for an offline presence in Tier I and II cities spread across states like Maharashtra, Bihar, and Uttar Pradesh, among others.
"Women now make up over 40% of online shoppers, compared to 10% a few years ago. The market for women's health is underserved globally "India Alternatives Private Equity Fund's founder and CEO, Shivani Bhasin Sachdeva, made this statement in a press release distributed by the business. The firm has so far received an undisclosed amount of seed funding from Fireside Ventures. The platform presently competes with Sequoia-funded Veera Health, which links PCOS sufferers with the appropriate medical professionals.