Power Gummies, a leading player in the nutraceutical industry, has raised $6 Million in Series A funding led by 9Unicorns, with participation from Vcats, DSG Consumer Partners, WIPRO Consumers, Sharpp Ventures (Marico Family office) and NB Ventures.
The New Delhi-based company, a true gummy pioneer, is a dietary supplement brand that has already established itself as a leader in this segment of the market & has now become the most valuable nutraceutical gummy company in India. The brand leads with the motto “Health Powered by Happiness and Backed by Science” while encouraging people to experience the gummy difference, with an innovative alternative to wellness supplements that are simply simple, super delicious, and so much fun. The brand is exclusively focused on offering health & wellness solutions to meet today’s lifestyle. The brand has unique formulations backed by WHO standard clinical trials creating products through robust R&D while following sustainable manufacturing practices.
Power Gummies, identified as the Top Startup to Watch in 2020 by INC42 and also recognized as the Best Innovative Nutrition Product 2020, received their first-round from venture capital company Alfa Ventures in 2019. In 2020, they received two further rounds of funding: the first was a seed round headed by Venture Catalysts and DSG Consumer Partners, while the second was a bridge round led by Agility Venture Partners, with DSG Consumer Partners and Vcats participating.
The brand aims to revolutionize the nutraceutical market in India to expand the brand locally as well as internationally. They also look forward to using the funds for marketing purposes, to build a larger team and to launch more variants of dietary supplements. Having already established themselves as a pioneer in this segment of the market, Power Gummies is now looking forward to launching more variants for the health & fitness industry.
With a true passion and a focused drive in everything that he does, the Gummy Man, Divij Bajaj, Founder and CEO, launched the brand in 2018 with the concept of introducing dietary supplements in a chewable form rather than capsules and tablets, creating a more pleasant consuming experience.
Aside from being FSSAI and FDA compliant, the gummies are manufactured with vegan-based ingredients, 0gm sugar, are gelatin and gluten-free, contain no pesticides, no artificial colour, and are 100 percent vegetarian. The supplements have also been lab verified for purity, clinically assessed, and scientifically supported by biotin-based research published in European Food & Safety Association publications. The firm credits its innovation to its belief in extensive study, where each product is subjected to a number of clinical studies to prove its worth. Lastly, the firm markets its products through its website www.powergummies.com and on e-commerce marketplaces such as Amazon, Flipkart and Nykaa.
Commenting on the funding, Divij Bajaj, Founder and CEO says, “Power Gummies is all set to mark its space at global nutraceutical industry podium with this newly raised funding round. We are extremely excited to roll out new projects such as introducing new variants and expanding overseas. I truly believe that when you understand the need of the hour, you become the change of the hour. That is how our mission is to devise scientifically backed supplements following our brand philosophy of ‘health powered by happiness and backed by science’, that make taking nutrition easy with just 2 gummies a day! As a brand, we encourage people to adapt to gummies to follow a healthier lifestyle and be the best version of themselves.”
On the same, a key investor of the brand and Co-Founder of Venture Catalyst and 9Unicorns, Dr. Apoorva Ranjan Sharma quotes, “The nutraceuticals industry has been growing owing to the increasing preference of a nutrient rich diet among the consumers. People have also now realised the role of nutraceutical products like Power Gummies which are gluten-free and vegan. These vitamins and proteins are transformed into edible gummies that can help in various disease prevention. With the huge demand that the sector has been garnering, we will continue to invest in preventive health products.”
“The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at 20%+ in the coming years. Gummies as a format are likely to take off in a big way, given the convenience factor. We value Power Gummies and Divij for the leadership they bring. The strength of Divij and its passionate team, high-quality products, and a clear focus on what consumers require would make it a top player in the Nutra industry”, says Sumit Keshan, Managing Partner, Wipro Consumer Care – Ventures.
Currently, the brand has four variants being Gorgeous Hair & Nails (hair & nail vitamin gummies), The Beach Body (sugar-free gummies for weight management), That Time of the Month (period pain relief gummies), Jaw-Dropping Skin (collagen builder gummies for glowing skin and promoting beauty from within) and plans to launch 45 more in the upcoming future. With steady growth, the company has had a great fiscal year in 2020 and today, it is reviewed favourably by customers with ratings of 4.0 on Amazon, 4.4 on Nykaa, and above 4.5 on their website.
Source: Business World
