Customised Ayurveda beauty brand Vedix has announced its new Onion range to treat different hair problems. A D2C beauty brand, the company has been expanding its product portfolio and with this latest one has rolled out 10 new products in the market. FPJ spoke to Jatin Gujrati, Business Head, Vedix.
Excerpts from email interview
The beauty market is growing globally and there is a renewed interest in Ayurveda-based beauty products. What has led to this shift and how long will this trend continue?
In recent years, there has been a gradual shift of consumer interest from chemical-laden products to natural Ayurvedic beauty products. One of the key reasons behind this shift is the growing concern over the side effects caused by chemical-based products. While the Asia Pacific region is the fastest-growing market for Ayurvedic beauty products, India, which is the home for Ayurveda, stands as the largest market for this segment. And, this market shift is going to stay for a long time and is expected to expand at a compounding growth rate of 6.5 per cent over the next five years as the Ayurvedic beauty brands are tapping into online sales channels (D2C & marketplaces) to increase their reach.
Was this change in consumer preference with regards to beauty a nudge to start a brand like Vedix? When was it launched?
Yes. Moreover, we understood that the established brands in the Ayurvedic beauty sector have been serving products that are generic for everyone, which again pushes the consumers into constant trials with different brands to find the right formulation for their skin or hair. This led Vedix to venture as India’s first Ayurvedic brand in the year 2017 in Hyderabad to cater customized personal care products, holding to the true essence of Ayurveda. The brand was started by Chaitanya Nallan, Sangram Simha, Veerendra Shivhare. We have maintained a very tight P&L and have been profitable from the very beginning and continue to do so.
IncNut, which is the parent company of Vedix, raised $4 million in series A funding from RPSG ventures in 2020. The funds are being invested to strengthen and expand our research and development labs, AI-driven technology, and overall infrastructure. The brand is in the process of raising more funds.
The brand markets itself as India’s first customized Ayurveda-based lifestyle beauty brand. Can you explain what is the ‘personalized’ nature of this offering?
Ayurveda believes that the human body is the composition of Vata, Pitta, and Kapha energies or doshas. And, every individual body genetically inherits these doshas in a unique ratio, which we call as Prakriti of the individual. Any imbalance occurring in this energy ratio manifests in the form of different conditions in the individual, including skin and hair-related ailments.
At Vedix, we analyse the dosha imbalances of the consumer and offer a customized product made of herbs that pacify the elevated doshas, thus, resolving the skin/hair problems from the roots.
Is the brand planning to foray into the international market?
Vedix aims to foray into international markets such as UAE, North America, and South East Asia through a combination strategy of D2C and platform partnerships in the respective countries. There are plans to diversify the portfolio and launch products that are tailored for international audiences and the environment in each market.
Where does the brand see itself in the next five years?
Vedix aims to grow its revenue to Rs 500 crore with a target market of around 300 million consumers by 2025 from its current annual revenue run rate of Rs 160 crore. We plan to expand its reach in the domestic market by adding new verticals and products to its portfolio while exploring different online sales channels. Vedix began its sales on Amazon in April 2021 and has plans to reach the prospects on Flipkart, Nykaa, and Myntra with select offerings.
We are also focussing on the up-gradation of technology to understand our consumer needs more deeply with ease while we have plans to venture into international markets in the coming quarters.
