Nutraceutical startup Power Gummies has raised $6 Mn in a Series A funding round led by 9Unicorns. Vcats, DSG Consumer Partners, WIPRO Consumers, Sharpp Ventures, and NB Ventures also participated in the round.
Founded in March 2018 by Divij Bajaj, Power Gummies makes many different chewable dietary supplements that supposedly offer different health benefits, including gummies that are supposed to help hair and nail growth.
According to the startup’s claims, its gummies are FSSAI (Food Safety and Standards Authority of India) and FDA (The United States’ Food and Drug Administration) compliant, contain no sugar, gelatin, gluten, pesticides or artificial colour and are 100% vegetarian.
It will utilise the freshly infused capital towards marketing spends, building a larger team and adding more products to its line of dietary supplements.
“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,” said Divij Bajaj, founder and CEO of Power Gummies.
According to Inc42 Plus analysis, the highest-earning D2C FMCG (fast-moving consumer goods) brand in FY20 was an online health supplement retailer called HealthKart—one of the channels through which Power Gummies sells its products.
The global nutraceuticals market size was valued at $417.66 Bn in 2020 and is expected to grow at a CAGR of 8.9% from 2020 to 2028. The demand for dietary supplements and functional foods is expected to continue growing even further as people become more health-conscious.
“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. 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,” said Sumit Keshan, managing partner, Wipro Consumer Care – Ventures.
Last month, actor Varun Dhawan had invested an undisclosed amount in nutraceutical startup Fast&Up. Before that, nutritional supplements brand Fullife Healthcare had raised $22 Mn in Series C funding from Morgan Stanley Private Equity Asia.