[Funding alert] Power Gummies raises $6M from 9Unicorns, Wipro, others

Power Gummies, a player in the nutraceutical industry, 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.

Commenting on the funding, Divij Bajaj, Founder and CEO, 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 two 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,” he added.

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The New Delhi-based startup, launched in November 2018, is exclusively focused on offering health and wellness solutions to meet today's lifestyle. The brand claims to have unique formulations backed by World Health Organisation (WHO) standard clinical trials, creating products through robust R&D while following sustainable manufacturing practices.

Power Gummies received its first-round from venture capital company Alfa Ventures in 2019. In 2020, the company 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 revolutionise the nutraceutical market in India to expand it locally as well as internationally. It also looks forward to using the funds for marketing purposes, to build a larger team, and to launch more variants of dietary supplements.

Aside from being FSSAI and FDA compliant, the gummies are manufactured with vegan-based ingredients, no sugar or gelatin, is gluten-free, contains no pesticides, no artificial colour, and 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 and Safety Association publications. The firm credits its innovation to its belief in extensive study, where each product is subjected to a number of clinical studies to prove its worth. The startup markets its products through its website and on ecommerce marketplaces such as Amazon, Flipkart, and Nykaa.

Dr Apoorva Ranjan Sharma, Co-founder of Venture Catalyst and 9Unicorns, said, 

“The nutraceuticals industry has been growing owing to the increasing preference of a nutrient rich diet among the consumers. People have 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.”

“The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at over 20 percent in the coming years. Gummies as a format are likely to take off in a big way, given the convenience factor. We value Power Gummies and Divij for the leadership they bring,” added Sumit Keshan, Managing Partner, Wipro Consumer Care – Ventures.

Currently, the brand has four variants -- hair and nail vitamin gummies, sugar-free gummies for weight management, period pain relief gummies, collagen builder gummies for glowing skin and promoting beauty from within, and plans to launch 45 more in the near future.