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D2C nutraceutical products manufacturer Power Gummies has raised INR 10 Cr ($1.2 Mn) in a bridge funding round co-led by Jaipuria family office and Quadrant.
The round also saw participation from existing investors, including 100Unicorns, DSGCP, Wipro Consumer, Venture Catalysts and Agility among others.
The New Delhi-based company plans to use the fresh capital to launch a zero-sugar range and diversify into holistic wellness products. It also looks to expand its business in Dubai and the UK.
Founded in 2018 by Divij Bajaj, Power Gummies makes no-added sugar nutritious gums that are supposedly meant to provide health benefits to consumers. It has a range of gums for better growth of hair and nail and also for better sleep at night.
According to the company statement, its parent Aesthetic Nutrition is aiming to launch a range of 20 holistic wellness products which includes hair growth styling serum, face serum, a Korean collagen peptide beauty drink, and convenient daily fiber sachets to improve digestive health for their consumers.
In 2022, the company raised $6 Mn as a part of its Series A funding led by Venture Catalysts, DSG Consumer Partners and others.
“With this raise, we plan to enter the holistic wellness market in various form factors such as pills powders and other creative products along with widening our gummies market by launching no-added-sugar gummies. We plan to use this raise judiciously and conservatively to make sure, despite all new launches, we achieve profitability by March 2025,” Bajaj said.
Post-pandemic, the health and wellness narrative has fuelled a surge in demand for these nutraceuticals and dietary supplements in the country.
As a result, these startups have collectively raised over $70 Mn+.
According to the ministry of food processing industries, the dietary supplements market in India is likely to reach $10.2 Bn by 2026, clocking a 22% YoY growth rate since 2020, when it was valued at $3.9 Bn.
The post Power Gummies Raises Funding To Diversify Into Holistic Wellness Space appeared first on Inc42 Media.
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