Power Gummies Rakes In $6 Million in Series A Funding Led by 9Unicorns The company will utilize the funds for marketing, to build a larger team and to launch more variants of dietary supplements
By S Shanthi •
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Power Gummies, a dietary supplement brand, has raised $6 Million in Series A funding led by 9Unicorns, with participation from Vcats, DSG Consumer Partners, WIPRO Consumers, Sharpp Ventures (Marico Family office) and NB Ventures.
The New Delhi-based company claims to have unique formulations backed by WHO standard clinical trials creating products through robust R&D while following sustainable manufacturing practices.
Power Gummies received their first round from venture capital company Alfa Ventures in 2019. In 2020, they received two further rounds of funding: the first was a seed round headed by Venture Catalysts and DSG Consumer Partners, while the second was a bridge round led by Agility Venture Partners, with DSG Consumer Partners and Vcats participating.
The brand aims to revolutionize the nutraceutical market in India to expand the brand locally as well as internationally. They also look forward to using the funds for marketing purposes, to build a larger team and to launch more variants of dietary supplements.
Divij Bajaj, founder and CEO, launched the brand in 2018 with the concept of introducing dietary supplements in a chewable form rather than capsules and tablets to create a more pleasant consuming experience.
The company claims that aside from being FSSAI and FDA compliant, the gummies are manufactured with vegan-based ingredients, 0gm sugar, are gelatin and gluten-free, contain no pesticides, no artificial colour, and are 100 percent vegetarian. The supplements have also been lab verified for purity, clinically assessed, and scientifically supported by biotin-based research published in European Food & Safety Association publications, it said in a statement.
The company markets its products through its D2C website and on e-commerce marketplaces such as Amazon, Flipkart and Nykaa.
Commenting on the funding, Bajaj said, "Power Gummies is all set to mark its space at global nutraceutical industry podium with this newly raised funding round. We are extremely excited to roll out new projects such as introducing new variants and expanding overseas. 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! As a brand, we encourage people to adapt to gummies to follow a healthier lifestyle and be the best version of themselves."
"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. These vitamins and proteins are transformed into edible gummies that can help in various disease prevention. With the huge demand that the sector has been garnering, we will continue to invest in preventive health products," said
Apoorva Ranjan Sharma, On the same, co-founder, Venture Catalyst and 9Unicorns.
