Nutraceutical startup Power Gummies eyes new launches in India, international expansion
New Delhi-based dietary supplement brand Power Gummies recently raise $1 million and has plans to raise $5 million in the near future.
Founder and CEO Divij Bajaj says most of these funds will go towards research and development of the Delhi-based nutraceutical brand. The remaining funds would be used to launch new SKUs and developing the team.
Power Gummies plans to eventually expand its manufacturing facilities and look for strategic tie-ups as it targets a revenue of close to Rs 200 crore in FY23.
Currently, three variants of Power Gummies are available in the market: Gorgeous Hair and Nail, Beach Body, and That Time of the Month. The first caters to haircare needs, the second one is for weight management, and the third is for menstrual problems, Divij says.
The brand has plans to launch a new variant, Jaw Dropping Skin, a vegan collagen-builder gummy for healthy and beautiful skin.
Divij says Power Gummies aims to launch 40+ variants in the next three years, to cater to all health and wellness needs of customers. The product base will be expanded to include children after all planned adult variants are released.
The aim is to cater to all things related to the preventive medicine space, with gummies that for omega acids, multivitamins, and those that are specifically for the kidney, liver, eyes, etc.
“Going forward, our plan is to launch and cater to the entire nutraceutical market,” Divij says.
The competition and the future
When it comes to the competition, the founder believes Power Gummies is leagues apart from the other companies. “Our gummies are loosely packed with temperature stability of above 45 degrees, which is ideal for the Indian climate. Till the time we hold the technology with us, there is a lot of difference,” he says.
The lockdown impacted the growth of the company due to supply chain issues. But Power Gummies, part of essential services, got back on track soon. The brand is currently seeing a growth of 30 percent month on month – this is expected to rise. The recent launch of That Time of the Month is expected to bring a lot of traction.
Power Gummies has tied up with Wellness Forever, Modern Bazar Stores, Garden Pharmacy Stores, and six more top premium modern trade channels, which will be active by the end of June 2021.
“Our plan is to get into modern trade on a very selective level. Looking at our audience, there’s no point in going everywhere,” Divij says.
The brand is eyeing international market expansion, with a focus on Dubai at present. Distribution channels in Dubai have been finalised and a “popular face for Dubai” has also been signed.
“We plan to take this forward by launching in different countries after Dubai,” Divij says.