Comments
Nutraceutical start-up Power Gummies has raised $6 million in a Series A funding round led by 9Unicorns. The round also saw participation from Vcats, DSG Consumer Partners, Wipro Consumers, Sharpp Ventures (Marico Family office) and NB Ventures.
Divij Bajaj, Founder and CEO, said the funding will be used to expand the brand’s presence in India and in international markets. “We will be rolling out new projects such as introducing new variants and expanding overseas. The funding is a step in the direction of our mission to devise scientifically backed supplements. We will also use the funds to build a larger team,” he added.
Launched in 2018, the start-up focuses on offering dietary supplements in a chewable form rather than capsules and tablets. It raised its first round from venture capital company Alfa Ventures in 2019. In 2020, it received two further rounds of funding. This included a seed round headed by Venture Catalysts and DSG Consumer Partners and a bridge round led by Agility Venture Partners, with DSG Consumer Partners and Vcats participating.
Gummies made with vegan-based ingredients
The gummies are manufactured with vegan-based ingredients, have no sugar and artificial colours and also are gelatin and gluten-free. The products are sold through the company’s own website and on other e-commerce marketplaces such as Amazon, Flipkart and Nykaa.
Sanofi India board approves selling nutraceuticals biz to Universal Nutriscience for ₹587 cr
Apoorva Ranjan, Co-Founder of Venture Catalyst and 9Unicorns, said, “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.”
“The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at over 20 per cent in the coming years. Gummies as a format are likely to take off in a big way, given the convenience factor,” added Sumit Keshan, Managing Partner, Wipro Consumer Care Ventures.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.