The funds will be used for launching several first-of-its-kind products in the nutraceuticals segment tackling key health concerns.
Plix, a fast-growing clean plant-based nutrition brand for daily wellness and strength, announced that it has raised $5 million in Series A funding from Guild Capital and RPSG Capital Ventures.
The funds will be used for launching several first-of-its-kind products in the nutraceuticals segment tackling key health concerns. Over 85 SKUs are planned for launch in the next 12 months. The company is also looking to hire new senior leadership talent, reinforce their R&D team and enter new markets.
The wellness market is estimated at $1.5 trillion globally and $10 billion in India. Awareness about health and wellness is a megatrend that has emerged in the wake of the pandemic. Nutraceuticals as a sub-segment is a big driver of this growth, expected to reach $18 billion by 2025.
Founded in March 2019, Plix has been able to build a successful brand with the unique positioning of having products that are delicious, effective, and 100% plant-based. Plix is constantly innovating to replace the conventional formats of pills with delicious gummies, superfood powders, and effervescent tablets. The company has products across categories such as weight loss, hair and skin nutrition, daily wellness, women’s health, and workout supplements. Plix aims to reach a scale of INR 500 crore by 2024.
Addressing the company’s accelerated growth over the last year, Rishubh Satiya, Co-Founder, Plix said, “Plix is working towards eliminating the presence of junk goods, carbonated drinks and unhealthy foods from dinner tables in India and replace them with clean, plant-based nutritional foods. The vision with which we started the company has grown stronger with the recent pandemic highlighting the importance of a plant-based diet for all-round health and well-being. Our brand ethos lies in complete transparency while educating consumers on what goes into the products that they consume. We aim for Plix to become India’s No. 1 plant-based nutrition company for millennials and Gen Z in the next twelve months. We want to innovate, evolve and create an ecosystem of shared values on a more conscious level with health as a priority”.
Adding further, Akash Zaveri, Co-Founder, Plix, said, “There is a heightened awareness today about what is going inside our bodies, especially among millennials. People are looking for transparency in terms of knowing what they consume and this is where Plix is making a difference with its ingredient-first approach. We are committed to giving nutrition a purpose with products that use only the highest quality ingredients. We are ready to enter the next phase of growth, expand our team and technology, and introduce innovative products to our portfolio. We thank Guild Capital and RPSG Capital Ventures for placing their trust in us and look forward to building a cleaner and healthier world together.”
Apoorv Gautam, Chief Operating Officer and Head of India Investments, Guild Capital, said, “Plix has effectively carved out a unique brand that is accessible, approachable, and fun. We are excited to partner with a team that is young, dynamic, and very data-driven in their decision-making. In addition to their phenomenal growth, we were very impressed by the amount of customer love that the brand is receiving which is evident by industry-leading net promoter score. We are excited to bring our experience in scaling D2C platforms globally and enable Plix to grow exponentially.”
Adding his comments, Abhishek Goenka, Head & CIO, RPSG Capital Ventures, said, “Plix’s founders come with a strong vision – that of achieving growth which piggybacks on enabling people to live healthily by offering holistic well-being. The taste profile and convenience of consuming Plix’s products helped it create strong consumer love in a short span and achieve a solid growth. We are thrilled to back Rishubh and Akash in their journey to create India’s most loved wellness brand for millennials.”
Plix’s products are made using real, plant-based ingredients blended into innovative form factors that appeal to the senses. The ingredients are globally sourced and their products are available on most popular e-commerce platforms like Amazon, Flipkart, Nykaa, and its own website.
Source: Business World