Ayurveda wellness and nutrition brand Kapiva continued its strong top-line growth in the financial year ended March 31, 2025, with revenue from operations rising nearly 50% year-on-year to ₹342 crore, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). However, higher spending across key cost heads led to an increase in losses during the year.
Founded in 2015, Kapiva offers natural and organic ayurvedic products across categories such as diabetes, hypertension, liver health, hormonal balance, wellness, energy and sports nutrition. The sale of these products remained the company’s sole source of operating revenue. Including non-operating income of ₹7 crore, Kapiva’s total income stood at ₹349 crore in FY25.
Advertising Remains Largest Cost Head
For the direct-to-consumer (D2C) brand, advertising and promotional expenses emerged as the largest cost contributor, accounting for around 45% of total expenditure. This cost increased 53% to ₹188 crore in FY25 from ₹123 crore in FY24, reflecting continued investment in brand building and customer acquisition.
The cost of materials consumed rose 43% to ₹97 crore, contributing about 23% of overall expenses, while employee benefit expenses increased 28% to ₹59 crore. Transportation costs stood at ₹22 crore, legal and professional charges doubled to ₹16 crore, and other overheads added another ₹36 crore during the year.
Overall, total expenses grew 44% to ₹418 crore in FY25, compared to ₹290 crore in FY24.
Losses Increase Despite Operational Efficiency Gains
Kapiva’s net loss widened 23% to ₹69 crore in FY25, up from ₹56 crore in FY24. The company reported an EBITDA margin of -20.88% and a return on capital employed (ROCE) of -51.41% for the year.
On a unit economics basis, Kapiva spent ₹1.22 to earn every rupee of operating revenue, improving from ₹1.27 in FY24, indicating better operational efficiency despite higher absolute costs.
As of March 2025, the company reported cash and bank balances of ₹139 crore, while current assets stood at ₹199 crore.
Funding and Outlook
Kapiva has raised $90 million in funding to date, including a $60 million Series D round led by 360 ONE Asset and Vertex Growth. The company continues to focus on expanding its product portfolio and strengthening its presence in India’s growing wellness and ayurvedic nutrition market.
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