Most private companies in India publish nothing about their financials beyond what the Companies Act requires. We publish more than that, but less than a listed company would. There is a middle position between full silence and full disclosure, and this page sits in it.
What you will find here: how the business is financed, how it grows, where the money gets reinvested, and the structural shape of the company. What you will not find here: exact revenue, profit, margins, or specific year-on-year growth percentages. The reasoning for both is documented further down.
This is a one-way page. We publish what we publish, and we are not inviting questions about what we don't. If you are reading this and disagree with where we have drawn the line, that is fair — but we have drawn it deliberately, and we explain why.
How the business is financed.
Bootstrapped
Debt-free
Profitable
Pvt Ltd
Revenue trajectory.
A description of the shape — not the line items.
Unived has grown in most years since it began selling products in 2012. There has been one year — FY22–23 — when revenue declined by roughly 1%. Every other year has shown growth. The growth rate has been higher in the early years when the base was small, and has been normalising as the business matures — which is what one would expect of a company that is not chasing growth for its own sake.
We are not optimising for any particular quarter or year. The metrics we pay most attention to are repeat purchase behaviour, certificate-of-analysis transparency, and the proportion of new customers who arrive through word of mouth or practitioner referral. These have strengthened every year.
The company sells through five channels — its own website, Amazon, retail, q commerce, and events. No revenue split between channels is disclosed publicly.
- Revenue has grown in most years since 2012
- One year of mild revenue decline — FY22–23, roughly 1%
- Profitability every year after the first
- Growth rate is normalising as the business matures
- Five active sales channels
- India-focused — no meaningful export business at present
- Exact revenue in any year
- Exact profit or margins
- Specific year-on-year growth percentages
- Revenue split by channel, segment, or geography
- Customer counts, order counts, retention percentages
Where the money goes.
Operating profit is reinvested into the business — not paid out as dividends, not used to service external debt. Surplus beyond working-capital and reinvestment is held in conservative treasury instruments (see closing note). The current reinvestment priorities, in order of capital intensity:
Building a cGMP manufacturing facility.
We are building a new manufacturing facility designed to current Good Manufacturing Practice (cGMP) standards. This is the largest capital expenditure commitment Unived has made — a multi-year build that is absorbing a substantial share of operating cash flows during construction.
The reasoning: existing capacity is sufficient for present demand, but a
cGMP facility raises our manufacturing standards to the level required for serious international scrutiny and removes the capacity ceiling that currently limits how we can grow. We would rather invest the cash flow into this than into faster top-line growth. The trade-off — slower revenue growth during the build phase — is one we have chosen deliberately.
Ingredient quality & third-party testing
Branded ingredients (Shoden®, BCM-95®, MenaquinGold®, and others) cost more than generic equivalents. Every batch is tested at TÜV SÜD, Bangalore Analytical, or Equinox before release. Both line items grow with revenue.
Formulation R&D
Reformulation when evidence changes, evaluation of new ingredients, supplier audits, regulatory review. Reports are published quarterly.
Team capability
Hiring is deliberate and infrequent — see the key-person-dependency disclosure under Business Overview / Risk Transparency. When we hire, we are paying for capability that compounds over a decade or more.
Content, COA infrastructure, customer support
Science writing, the COA Directory, customer support response capacity. None of these is large in absolute terms, but they compound.
What we do not spend on: paid advertising (₹0 Meta, ₹0 Google, ₹0 paid influencers), category sprawl, or product launches before the formulation and supply chain are ready.
A note on treasury. Surplus operating cash beyond working capital and the cGMP build is held in conservative treasury instruments. The treasury function is currently managed by the founder.
What we don't publish, and why.
The decision to publish ranges and shape rather than specific figures is deliberate. Three reasons.
Competitive sensitivity.
Asymmetric scrutiny.
Numbers without context mislead.
Accounting & audit.
Unived Healthcare Products Pvt. Ltd., maintains accounts in accordance with the Indian Companies Act and the accounting standards prescribed thereunder. The financial year is April to March, in line with Indian convention.
Annual accounts are audited by an independent chartered accounting firm.
Audited financial statements are filed with the Registrar of Companies as required under Indian law. Anyone may obtain these filings through the Ministry of Corporate Affairs portal — the company does not control or curate that disclosure.
In addition to statutory audit, internal financial controls are reviewed periodically as part of normal company operations. There has been no instance of a qualified audit opinion in the company's history.
- Legal entity Unvied Healthcare Products Private Limited
- Registered office Mumbai, India
- Financial year April to March (Indian convention)
- Audit Independent CA firm · annual
- Public filings Filed with ROC under Indian Companies Act