Devkar Saheb is the Co-Founder and CEO Shri Chyawan Ayurveda and EHO Healthcare. Shri Chyawan Ayurved offers herbal products to help with problems related to Hair Care, Skin Care, Weight Loss, Menopause, Diabetes, Heart, Varicose Veins, Stress, and other health issues. The company has also launched the EHO Healthcare App, which provides users a one-click solution for various healthcare services such as ambulances, hospitals, and labs.
Shri Chyawan Ayurved
Approximately 70-80% of India’s population comprises the middle class and lower class that live in villages. Most of these people struggle even to fulfill their basic needs. Due to this, they face several challenges regarding the availability and affordability of healthcare. In order to solve this problem, Shri Chyawan was founded in 2018 with the aim to reduce the cost of healthcare inspired by Ayurveda.
Devkar says, “Back then we tied up with hundreds of hospitals to give 30-40% discounts through the ‘Paropkar card’ (formally EHO). Then we realized if we can treat these using herbal products. It took 3 years to understand the process, and research. We have discovered various affordable herbal ayurvedic solutions for problems like knee pain, sugar, constipation, and piles which otherwise would have cost surgery.”
Sri Chyawan Ayurved has more than 50,000 satisfied customers and around 50 healthcare experts who consult the patients and prescribe them the best Ayurvedic treatment. The EHO app provides a platform that assists consumers with all emergency and healthcare service requirements in one click.
India is the largest Ayurvedic market with about 80% market share. The Middle East is a follower, accounting for about 5% market share.
USP of Chyawan Ayurved
Healthcare at affordable cost, 100% result-oriented products, and a huge base of customer care.
Funds utilization of Chyawan Ayurved
Devkar mentions, “Funds are being utilized in expansion, marketing, and preparing a huge customer base.”
EHO platform has just launched but has more than 1.5 lakhs downloads. The experts/doctors on the platform consult the patient and prescribe medicine based on their findings or diagnosis. The organization is associated with over 100 hospitals. Basically, the app provides two services. It provides herbal ayurvedic solutions for their health-related problems, and secondly, the patients can seek consultation from professional experts. The doctors will do a thorough check-up and advise the best alternative for the patient. EHO also provides healthcare providers with a bulk surgery offer in which the patient can book an appointment for any operation at a discounted price, and the healthcare provider receives the patient’s number on the same day.
According to the Ayush ministry, the market size of the ayurvedic industry has grown by 17% annually in the past few years and it is projected that its turnover will touch $23.3 billion by the end of the current financial year.
Revenues of Chyawan Ayurved
Till now, the company has done revenue of about 6 crores. Currently, their monthly turnover is 40 lacs. This year they are targeting 15-18 crores.
As per a report by Research and Markets, the Ayurveda market in India was valued at INR 300 billion in 2018 and is expected to reach INR 710.87 billion by 2024, expanding at a compound annual growth rate (CAGR) of ~16.06%, during the forecast period (2019-2024). In the post-covid-19 world, the consumer’s focus has shifted more toward a natural and holistic way of living. It has been witnessed that there is a growing preference for Ayurveda.
Expansion plans of Chyawan Ayurved
Devkar expresses, “We are trying to create more and more awareness. We are trying to get more medical professionals onboard.”
Learnings for aspiring entrepreneur
Keep your vision clear. Do thorough research and market analysis. Know your competitors. Have patience and consistency in your work.
(Edited by Renu Gupta)