Cava, a direct-to-consumer athleisure brand catering to both women and men, is in discussions to raise around Rs. 35 crore (US $ 3.81 million) in a fresh funding round led by Marico’s family office, Sharrp Ventures, along with other potential investors, according to people familiar with the matter.
If concluded, this would mark the company’s largest funding round to date and its latest capital infusion since January 2024. Cava has previously raised approximately Rs. 8–10 crore (US $ 872,000-US $ 1.09 million) from Spring Marketing Capital and other backers.
Founded by sisters Ria and Shreya Mittal, Cava was conceived after the founders identified a gap in India’s athleisure market for premium, functional and stylish workout wear suited to everyday use. Drawing on their family’s more than three decades of experience in the garment manufacturing industry, the founders positioned Cava as a brand focused on blending comfort, performance and contemporary design.
Cava operates in an increasingly competitive athleisure segment, where it faces competition from brands such as Cult.fit, Boldfit and Bliss Club, although it remains significantly smaller in scale than several of its peers.
The brand offers a range of athleisure products across categories including leggings, sports bras, tops, co-ord sets and activewear essentials for both men and women. It primarily follows a digital-first strategy, selling through its own website and select online marketplaces, with a customer base concentrated in major urban centres. The company has built traction among fitness-conscious millennials and Gen Z consumers, supported by the growing popularity of gym workouts, yoga and lifestyle fitness.
According to data from private markets intelligence platform Tracxn, Cava recorded revenue of around Rs. 2 crore (US $ 218,000) in FY ’24. Industry observers said the brand has likely scaled further since then, aided by rising demand for athleisure wear and increasing consumer willingness to spend on premium, function-led apparel.
The proposed funding is expected to support brand building, product expansion and scaling of operations as Cava seeks to strengthen its position in India’s crowded but fast-growing athleisure market.
