[Funding alert] Health supplement startup Power Gummies raises undisclosed amount from Agility, DSG, Venture Catalyst
Delhi-based dietary supplement brand Power Gummies on Wednesday raised an undisclosed amount in a bridge round led by Agility Venture Partners. Other investors including DSG Consumer Fund and Venture Catalyst also participated in this round.
The startup has raised three rounds of funding this year, marking a total of approximately $1 million including this round.
In the early stage of 2020, the brand extended a seeding round from VC firm DSG Consumer Partners and mid-year, they raised an undisclosed amount from Venture Catalysts in an extension of its pre-Series A round of funding.
The fresh funds will be used for future product research, team building and marketing purposes of their newly launched ‘The Beach Body’ gummies, which help with effective weight management in a sugar-free and tasty way.
Founded by Divij Bajaj (CEO) in 2018, under the parent company Aesthetic Nutrition Pvt Ltd, Power Gummies uses ingredients with a vegan base to create gummies. Its nutritional gummies are an amalgamation of Biotin, Zinc, Folic acid, and 10 other essential vitamins and minerals that act as a panacea for holistic nutrition needs.
Advocating the mantra ''Health Powered by Happiness and backed by Science”, Divij said,
“With the current funding raised, we aim to grow our operations by 6X more this year and further launch products in various variants, focusing on different health and wellness categories and segments. Achieving an annual revenue run rate of over Rs 8 crore in the first year of operations motivated us to give the best to our customers."
Divij Bajaj, CEO and Founder, Power Gummies
Making a mark
Power Gummies claims that its supplements are 100 percent vegetarian and are available across the globe through their website as well as on all major ecommerce platforms like Amazon, Flipkart, Nykaa, Netmeds, and HealthKart.
Commenting on the fund raise Deepak Shahdadpuri, DSG Consumer Partners said, “Power Gummies is a unique brand making its mark in the nutraceutical sector. People are looking for nutritional alternatives and Power Gummies happens to be the sweet spot. With the perfect reach and positioning, we only look forward to witnessing a sustainable business growth in the market.”
The company claims to have witnessed a surge of 6X growth in its valuation from mid-2019 onwards.