档案库 · 消费应用 · 战略决策 · 2021–2026
风投支持的D2C美容品牌The Ayurveda Co因过度扩张而停业
TAC筹集了1.25亿卢比，旨在让阿育吠陀成为年轻消费者的品类，年GMV达到1.5亿卢比——但在2025年7月，成本超过业务，公司停止运营。
The Ayurveda Co
做的是什么生意
D2C ayurvedic beauty and personal care brand selling skincare, haircare, makeup, wellness and supplements through its own website, marketplaces, 20 owned stores and 800+ beauty-advisor counters.
启动资金：Around ₹125 Cr (about $15M): a $3M round led by Wipro Consumer Care Ventures in 2022, then a ₹100 Cr ($12.2M) Series A led by Sixth Sense Ventures in 2023, with actor Kajal Aggarwal among the angels.
起因
The Ayurveda Co (TAC) was founded in 2021 by Param Bhargava and Shreedha Singh Bhargava, who had already launched ayurvedic personal care label Khadi Essentials in 2019. Their bet was that Ayurveda — long marketed as heritage wellness for older buyers — could be repackaged as a contemporary beauty brand for young Indian consumers, sold direct-to-consumer.
经过
TAC raised $3M in 2022 led by Wipro Consumer Care Ventures, then a ₹100 Cr ($12.2M) Series A in 2023 led by Sixth Sense Ventures, with actor Kajal Aggarwal and venture debt funds participating. The money went into offline expansion: by its peak the brand ran 20 owned stores, 800+ beauty-advisor counters and more than 10,000 retail touchpoints, alongside a large ecommerce presence. But the growth was expensive: in FY24 revenue rose 67% to ₹59.6 Cr while losses tripled to ₹68 Cr and expenses nearly doubled to ₹109.5 Cr. At the Series A, the founders said TAC aimed to become a profitable unicorn by FY26 and file for an IPO by FY28.
结果
TAC ceased operations in July 2025 and liquidated its assets; more than a year later, in early September 2026, co-founder Param Bhargava announced on LinkedIn that The Ayurveda Co and Khadi Essentials were being formally wound up. He blamed expansion that ran ahead of what the business and its systems could support, saying the team had hired too many senior people too early.
背景
The Ayurveda Co（TAC）是一个D2C阿育吠陀美容与个人护理品牌，由Param Bhargava和Shreedha Singh Bhargava于2021年创立，他们此前在2019年推出了Khadi Essentials品牌。该品牌销售护肤品、护发品、彩妆、健康产品和营养补充品，采用现代、面向年轻消费者的阿育吠陀定位。
公司筹集了约1.25亿卢比（约1500万美元）——2022年由Wipro Consumer Care Ventures领投的300万美元，随后2023年由Sixth Sense Ventures领投的1亿卢比A轮融资，演员Kajal Aggarwal也参与其中——并利用这些资金大力进行线下扩张。在高峰期，公司拥有20家自有门店、800多个美容顾问柜台和超过10,000个零售点，雇佣超过1000名员工，并声称年GMV超过1.5亿卢比。
但扩张并未盈利。在FY24，收入增长67%至5960万卢比，而亏损增至三倍达到6800万卢比，支出几乎翻倍至1.095亿卢比。TAC于2025年7月停止运营并清算资产；2026年9月，Bhargava在LinkedIn上宣布TAC和Khadi Essentials正在正式清算。
Bhargava自己的诊断是过度扩张：公司增长过快，渠道过多，并在运营系统能够支持之前就雇佣了高级管理人员。他说，创始人一年多没有领薪水，并抵押了家庭财产试图扭转局面，但最终得出结论，扩张已超过了基础业务所能支撑的范围。
这件事要成立，得有什么
- TAC的线下建设——20家门店、800多个柜台、超过10,000个零售点——在D2C模式证明其单位经济学之前就增加了固定成本，因此每一家门店和柜台都加深了亏损。
- 创始人表示，团队过早雇佣了太多高级员工，花费在组织层级上，而业务规模和成熟度不足以支撑这些开支。
- FY24的数字显示了结构性差距：收入为5960万卢比，而支出为1.095亿卢比，这意味着1.5亿卢比的GMV描述的是营业额，而非一个能够支撑自身零售扩张的业务。
- 随着资金耗尽，目标发生了变化：为投资者设定的FY26成为独角兽和FY28 IPO的雄心壮志，被清算的需求所取代，创始人的个人资金成为最后的投入。
可借鉴之处
品牌可能跑赢业务：TAC实现了1.5亿卢比的GMV，但支出翻倍，亏损增至三倍，证明没有可行的单位经济性的扩张只是烧钱速度，而非战略。
后续进展
截至2026年9月，The Ayurveda Co和Khadi Essentials正在正式清算，其资产已在2025年7月停止运营后清算。Param Bhargava表示，他计划留在更广泛的健康与长寿领域，并愿意与有意在阿育吠陀类别中创业的企业家讨论TAC品牌。这一关闭事件加入了2026年印度D2C关闭潮，其他包括Savtacart、Klydo和PicSee。
资料来源
- The Ayurveda Co Shuts Down After Overexpansion Derails Business
- The Ayurveda Co shuts down after raising Rs 125 Cr; co-founder says it expanded too fast
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