New Delhi-based personal care brand Power Gummies has raised an undisclosed amount from investment firm DSG Consumer Partners as a part of its Pre-Series A funding round.
With this funding, Power Gummies is looking to further develop its brand and expand its product line to include chewable functional and nutritional supplements to enhance health, wellness and personal care.
Founded in March 2018 by Divij Bajaj, Power Gummies is a chewable dietary supplement brand that helps to enhance hair and nail growth, along with boosting metabolism. The company claims that the products are 100% vegetarian and gluten-free.
In addition, Power Gummies will also focus on building a bigger digital presence and add to its management team. Currently, the product is only available on Power Gummies’ website and ecommerce portals — Amazon, Flipkart, and Nykaa.
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Back in May 2019, Power Gummies raised $100K from Dhianu Das’ Alfa Ventures in seed-stage funding to scale up its operations and launch variants.
“Our current product, the hair vitamin gummy, helps restore and maintain nail and hair health. They are 100% vegetarian, gluten-free and gelatin-free. A regular routine helps rejuvenate and replenish the body by providing holistic nutrition,” founder Bajaj said.
Power Gummies claims that the product is made with a combination of multivitamins — vitamin A, vitamin C, vitamin D, vitamin E, vitamin B6, B5, and vitamin B12 — and biotin. Power Gummies main ingredients also include zinc, folic acid, iodine, choline and inositol. The product is priced at INR 960 for a pack of 60 Gummies.
Within a year of its launch, the company claimed to have sold 13,289 bottles of Power Gummies and also claims that it has a 33% loyal customer rate. In addition, managing director of DSG Consumer Partners, Deepak Shahdadpuri, also highlighted that the Power Gummies has achieved an annual run rate of over INR 8 Crore.
DSG Consumer Partners is an early-stage venture capital fund that has invested in over 45 consumer brands across India and South East Asia. DSG’s portfolio includes Epigamia, Raw Pressery, Chai Point, Eazydiner. DSG has also had a successful exit from OYO, Zipdial and Redmart. DSG Consumer Partners had announced the final close of its third flagship fund at $65 Mn, in August 2019.