Goodveda: A Rising Star in the Ayurvedic Market
As Ayurveda gains popularity, new business ventures exist where the Noida-based GoodVeda is the only notable one. Goodveda, launched in September 2023 by the serial entrepreneur Abhishek Gaggneja, offers various solutions to patients who have diabetes, PCOS, thyroid issues, and obesity reversal.
However, the new startup provides a number of the latest healthcare solutions exclusively for chronic problems like diabetes, PCOS, thyroid disorders, and obesity reversal. The startup offers a range of targeted Ayurvedic remedies, supplements, and wellness programs, differentiating itself by avoiding general fitness products like multivitamins and gummy bears.
Goodveda reported a revenue of INR 1.9 crore in FY24 and is expected to have a turnover of Rs 12 crore in this FY, with over 20,000 users. The company has successfully raised INR 2 crore in funding from the Sat Kartar Group. It conducts 80% of its sales through its website, with additional distribution through Apollo Pharmacy, Amazon, and Flipkart.
Founded in September 2023, Goodveda recently secured pre-seed funding of Rs 2 crore and has plans to raise USD one million this year to fund future growth.
Ayurveda is considered an ancient way that is still very effective in treating diseases holistically, and it needs to be included in the rapidly increasing modern medicine industry. Due to financial problems and the new creative ideas of entrepreneurs, this healthcare system is growing even faster in the market.
Ayurveda’s Market Growth and Future Potential
The Ayurveda market is expected to expand at a compound annual growth rate (CAGR) of approximately 17% from 2024, becoming an INR 3.2 lakh crore industry by 2032. This tremendous growth results from the increasing demand for Ayurvedic products, nutraceuticals, dietary supplements, and personal care items.
The consumer population movement from niche to mainstream is today’s Ayurveda everyday scene. The market is shining up with mass awareness about clean healthcare, leading to the exponential growth of the Ayurveda industry. A higher preference for Ayurveda is reported, which is the merging of health consciousness with Ayurveda’s versatility in treating injuries or chronic illnesses such as obesity and diabetes.
Government Initiatives For Ayurveda’s Growth
The government ensures the proper use of Ayurvedic products: safety, efficacy, and quality. Major standards implemented include QCI’s Ayush Mark Certification Scheme, an ISO certifying body for product testing fulfilling the GMP and WHO standards. Additionally, initiatives such as Ayurswasthya Yojana and AYURGYAN advocate the need for Ayurvedic education, research, and innovation and establish the field’s rigor and credibility.
