D2C Plant-Based Nutrition Brand Plix Raises $5 Mn In Series A Funding

D2C plant-based nutrition brand Plix has raised $5 Mn in Series A funding from Guild Capital and RPSG Ventures. 

Founded in 2019 by Rishubh Satiya and Akash Zaveri, Plix sells plant-based nutritional supplements like gummies, ‘superfood’ powders and effervescent tablets. The startup’s products claim to help with weight loss, hair and skincare, daily wellness, women’s health, and workouts.

“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,” said Rishubh Satiya, cofounder, Plix.

The startup will use the freshly raised funds to launch over 85 SKUs in the next twelve months. It is looking to hire senior leadership talents and reinforce its R&D team and enter new markets. 

According to Inc42 DataLabs, the total market size of the healthcare industry in India is estimated to be $202 Bn, marking a growth of 84% from the $110 Bn market size in 2016. Mckinsey estimates the global wellness market to be worth over $1.5 Tn, growing at a CAGR of between 5 to 10%. 

“There is a heightened awareness today about what is going inside our bodies, especially among millennials. We are ready to enter the next phase of growth, expand our team and technology, and introduce innovative products to our portfolio,” said Akash Zaveri, cofounder of Plix. 

Last month, Pankaj Chaddah-led curative wellness platform Mindhouse had raised $6 Mn in a seed round led by Binny Bansal, with participation from General Catalyst, Better Capita, Kwaish Capital, Anicut, and some angel investors. It offers yoga and nutrition programs focused on specific health conditions and caters to English-speaking customers globally.

Around the same time, K&L Wellness Technology has raised a seed round of INR 30 Cr ($4.03 Mn) from angel investors Vimal Kedia and Surendra Kedia of Manjushree Ventures and Narendra Firodia of Sohamm Group. The startup offers yoga and meditation-based therapeutic solutions for those suffering from lifestyle diseases.

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