[Funding alert] Plix raises $5M from Guild Capital and RPSG Capital Ventures
Plant-based nutraceutical sellerraised $5 million in Series A funding from Guild Capital and RPSG Capital Ventures, according to the company.
The Mumbai-based firm says it will use the funds to launch new products, and improve its leadership and R&D team and enter new markets.
Plix will "soon pilot" in the US, and enter the UAE, as a part of their expansion plan. The firm is also planning to add more than 85 SKUs (stock keeping units) to its existing categories in the next 12 months.
"We would also be entering into retail in Tier 1 and 2 cities and aim to partner with more than 1,000 retail stores in the next two years," Rishubh Satiya told YourStory in an interaction.
Plix, which currently sells its products majorly through ecommerce marketplaces including Amazon, Flipkart and Nykaa, and their own website, will do its retail expansion across Mumbai, Bengaluru, Chennai, Delhi, Hyderabad, and Nashik, among other cities.
Run by Satiya Nutraceuticals Pvt. Ltd., Plix was founded in March 2019 by Akash Zaveri, a former investment banking analyst, and IIT-Roorkee graduate Rishubh. The digital brand creates plant-based supplements in categories including daily wellness, women's health, weight management, and fitness.
"The pandemic brought in heightened awareness about immunity and we started getting feedback on our products," Rishubh says.
Digital-first brands took off majorly during the pandemic as bored at-home consumers were jumping online to shop, play games, and be entertained.
Many online brands, including the likes of baby care brand Mamaearth and makeup brand SUGAR Cosmetics, saw their valuations and revenue soar. The nutraceutical industry is also seeing a spike as people become more and more health conscious.
India's nutraceutical market, which was worth Rs 260 billion in 2017, is estimated to reach Rs 650 billion by 2022, according to Statista.
Plix currently competes with Matrix Partner India-backed Oziva, and gummy seller Power Gummies, among a slew of other nutraceutical firms.
Edited by Teja Lele