In FY25, India’s direct-to-consumer (D2C) wellness scene was still going strong, and Kapiva, an ayurveda-based nutrition brand, was one of the fastest-growing companies. For the financial year ending March 31, 2025, Kapiva’s revenue grew by almost 50% compared to the previous year. This cemented its place in India’s fast-changing D2C world, even though higher spending put a damper on profits.
Kapiva’s sales went up to ₹342 crore in FY25 from ₹228 crore in FY24. This shows that there’s a steady need for its ayurvedic and natural wellness stuff in areas like diabetes, liver health, hormone balance, immunity, energy, sports nutrition, and preventative care. With an extra ₹7 crore from other sources, the company’s total income for the year was ₹349 crore. The brand is still only selling directly to consumers in India, with online sales being its only source of income.
Kapiva, which started in 2015, has been getting bigger by taking advantage of the growing consumer interest in Ayurveda D2C products, clean nutrition, and all-around wellness options. Its great FY25 numbers mean it’s one of India’s fastest-growing D2C wellness startups.
Like many D2C brands in India that have gotten big, marketing was still the biggest expense. Advertising made up about 45% of all spending, going up by 53% to ₹188 crore in FY25 from ₹123 crore in FY24. This spending helped get new customers, teach people about the category, and build the brand in a D2C world that’s getting more and more competitive.
The cost of materials rose by 43% to ₹97 crore, which is around 23% of all expenses. This is because of higher sales and more products. Employee costs went up by 28% to ₹59 crore as Kapiva invested in people for its supply chain, online growth, and operations. Transportation cost ₹22 crore, legal fees doubled to ₹16 crore, and other costs were another ₹36 crore. Overall, Kapiva’s total spending rose by 44% to ₹418 crore in FY25 from ₹290 crore in FY24.
Because of these higher costs, Kapiva’s net loss increased to ₹69 crore in FY25, compared to ₹56 crore the year before, which is a 23% increase. The company’s return on capital was -51.41%, and its EBITDA margin was -20.88%. But, when looking at individual sales, things seem to be getting better. Kapiva spent ₹1.22 to make every rupee in sales in FY25, which is better than the ₹1.27 it spent in FY24. This suggests that things are getting more efficient as the company grows.
Most importantly, the brand is moving into its next stage with a solid financial base. Kapiva had ₹139 crore in cash and bank balances and ₹199 crore in current assets at the end of FY25. So it has enough money to keep growing its D2C plans. So far, Kapiva has raised $90 million in D2C funding rounds, including a $60 million Series D led by 360 ONE Asset and Vertex Growth. This puts it among the D2C wellness startups in India with the most funding.
As India’s D2C market in 2025 keeps favoring reliable brands that lead in their categories, Kapiva’s FY25 shows the trade-off that many fast-growing D2C businesses face; prioritizing scale, distribution, and being a brand leader now, while trying to reach lasting profits later. Kapiva is still a name to watch in the D2C space because of its strong revenue, improvements in per-sale profits, and lots of capital.
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