Anveshan Raises $12.7M Series B, Nearly Doubles Valuation to $89M

Anveshan Co-Founders: Aayushi Khandelwal, Kuldeep Parewa, and Akhil Kansal

D2C food startup Anveshan has raised Rs 121 crore ($12.7 million) in a Series B round led by Vertex Ventures, attracting participation from the International Finance Corporation (IFC), Titan Capital, Wipro Enterprises, and prominent angel investors including boAt co-founders Aman Gupta and Sameer Mehta, as well as Swiggy co-founder Sri Harsha Majety.

The funding comes approximately 12 months after Anveshan secured Rs 48 crore in its Series A round in April 2025, demonstrating strong investor confidence in India's growing clean-label and minimally processed food segment.

According to regulatory filings reviewed by Entrackr, the company issued 2,853 Compulsory Convertible Preference Shares (CCPS) at Rs 4,23,952 per share to complete the transaction.

Who Invested in Anveshan's Series B Round?

The round was led by Vertex Ventures, one of Asia's most active venture capital firms, while IFC—the private-sector investment arm of the World Bank Group—made a significant follow-on investment.

Investor	Investment Amount (Rs Crore)	Approx. Share of Round
Vertex Ventures	75.0	62.0%
IFC	31.0	25.6%
Titan Capital Winners Fund	6.0	5.0%
Wipro Enterprises	5.9	4.9%
Aman Gupta	0.38	0.3%
Sameer Mehta	0.38	0.3%
Other Investors	Remaining	1.9%

Additional participation came from ALTrust, Force Ventures, and Sri Harsha Majety.

The transaction highlights continued investor appetite for India's premium food and agritech-adjacent consumer brands despite a more selective venture funding environment in 2026.

How Much Is Anveshan Worth After the Funding Round?

Based on Entrackr's estimates, Anveshan's valuation increased by approximately 97% to Rs 846 crore ($89 million), compared to Rs 430 crore ($51 million) during its previous Series A financing.

Valuation Growth Snapshot

• Previous valuation (Series A): Rs 430 crore
• Current valuation (Series B): Rs 846 crore
• Increase in valuation: Rs 416 crore
• Growth rate: Approximately 97%
• Dollar valuation increase: From $51 million to $89 million

The near-doubling of valuation reflects growing investor conviction around sustainable food supply chains, traceability, and rural sourcing models.

What Makes Anveshan Different in India's D2C Food Market?

Founded in 2020 by Aayushi Khandelwal, Akhil Kansal, and Kuldeep Parewa, Anveshan operates at the intersection of food, agriculture, and rural economic development.

Unlike conventional FMCG brands, the company focuses on minimally processed products sourced and produced through village-level micro-entrepreneur networks. This model combines consumer demand for healthier food products with income-generation opportunities for rural communities.

Its product portfolio includes:

• A2 cow ghee
• Wood-pressed edible oils
• Raw honey
• Healthy sweets
• Beverage mixes
• Natural and minimally processed food products

The company's approach aligns with broader consumer trends toward clean-label foods, ingredient transparency, and traditional production methods.

How Fast Is Anveshan Growing?

Anveshan reported strong revenue growth in FY25, although profitability remains a work in progress.

Financial Metric	FY24	FY25	Growth
Revenue	Rs 46.84 crore	Rs 77.08 crore	64.6%
Losses	Rs 5.74 crore	Rs 11.88 crore	106.9%

Revenue expanded by nearly 65% year-over-year, reflecting increased consumer adoption and product demand. However, losses more than doubled as the company continued investing in customer acquisition, operations, and growth initiatives.

The trend mirrors growth-stage consumer brands across India and emerging markets, where scaling distribution and brand awareness often precede profitability.

How Has the Shareholding Structure Changed?

Following the Series B allotment:

Shareholder	Ownership Stake
Founders (combined)	47.63%
Vertex Ventures	8.87%
Wipro Enterprises	3.69%
IFC	3.66%
Titan Capital Winners Fund	3.25%

Despite dilution, the founding team retains significant control with nearly 48% ownership.

What Does This Mean for India's D2C Food Sector?

Anveshan's funding round signals continued investor interest in businesses that combine strong consumer demand with measurable social impact.

The company sits within several high-growth themes attracting venture capital globally:

• Premium food and beverage brands
• Clean-label and natural products
• Rural supply chain digitization
• Agrifood innovation
• Sustainable sourcing models
• Inclusive entrepreneurship

The participation of institutions such as IFC alongside venture investors like Vertex Ventures also highlights growing demand for businesses capable of delivering both commercial returns and measurable socioeconomic outcomes.

For context, this mirrors broader global trends where investors increasingly back companies that integrate sustainability, supply chain resilience, and community-driven economic development into their business models.

While regional innovation hubs such as ADGM, Hub71, and NEOM are accelerating investment into food security, agritech, and sustainable supply chains across the Middle East, Anveshan demonstrates how similar themes are gaining traction in India's consumer and food ecosystem.

With fresh capital, a valuation approaching Rs 850 crore, and revenue growth exceeding 64% year-over-year, Anveshan is entering its next phase of expansion.

The company's ability to balance rapid growth with operational efficiency will likely determine whether it can transition from a high-growth D2C challenger into one of India's leading sustainable food brands.

 

 

 

FAQ

1. How much funding did Anveshan raise in its Series B round?
Anveshan raised Rs 121 crore ($12.7 million) in a Series B funding round led by Vertex Ventures, with participation from IFC, Titan Capital, Wipro Enterprises, and several angel investors.

2. What is Anveshan's valuation after the Series B funding?
Following the funding round, Anveshan's valuation increased to approximately Rs 846 crore ($89 million), up from Rs 430 crore in its previous Series A round.

3. Who are the founders of Anveshan?
Anveshan was founded in 2020 by Aayushi Khandelwal, Akhil Kansal, and Kuldeep Parewa.

4. What products does Anveshan sell?
The company offers minimally processed food products including A2 cow ghee, wood-pressed oils, raw honey, healthy sweets, beverage mixes, and other natural food products.

5. How fast is Anveshan growing?
Anveshan's revenue increased from Rs 46.84 crore in FY24 to Rs 77.08 crore in FY25, representing year-over-year growth of approximately 64.6%.