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The startup’s story began when founder Divij Bajaj’s mother was diagnosed with a calcium deficiency. While doctors prescribed her supplements, she was hesitant about consuming them routinely due to unpleasant taste and smell. This made Bajaj realise the need for vegetarian health supplements need not taste or feel like medicinal pills.
While Power Gummies earned INR 8.8 Cr in FY21, the startup claims to be on track to do 3X this business in FY22. It is claiming revenue of INR 20.4 Cr between April 2021 and January 2022. Over its lifetime, the startup claims to have served 60,000 consumers with over 300K units sold. Over the next year, Bajaj said Power Gummies will look for strategic tie-ups as it targets a revenue of close to INR 200 Cr in FY23. Currently, it claims to be seeing a growth of 30% in terms of month-on-month revenue.
The Indian nutraceutical market offers pills, powders, effervescent tablets, or juice shots, but the last three are not readily available everywhere, while pills are considered medicines and not supplements. Power Gummies introduced a new format that it feels appeals to younger audiences and the pectin used for creating these gummies is plant-based. A team of health & nutrition researchers consider factors of stability, water retention, convenience and taste before coming up with formulae for production.
The startup’s flagship product is the Power Gummies range for hair & nail wellness containing multivitamins and powerful micronutrients like biotin, zinc, folic acid and vitamins A to E. The company has conducted scientific studies to test the efficacy of its gummies which showed 22% increase in hair growth rate and 10% increase in nail growth. Besides this, it has introduced period care products as well as weight management gummies. The products are manufactured in pharmaceutical-grade facilities certified by government agencies.
In January 2022, the company raised $6 Mn to boost marketing, recruit talent and add more dietary supplement products. Power Gummies is also looking to set up its first manufacturing plant by March 2022, which will increase the rate of production, reduce product development costs and expedite launches. It plans to launch over 40 SKUs in nutraceutical products and over-the-counter products for millennial consumers.