Nutraceutical platform Power Gummies said it has secured $6 million (around Rs 44 crore) in a Series A funding round led by 9Unicorns, along with participation from Vcats, DSG Consumer Partners, WIPRO Consumers, Sharpp Ventures (Marico Family office) and NB Ventures.
The New Delhi-based company aims to deploy the fresh capital for expanding its group and roll out more varieties of its dietary supplements.
Founded in 2018 by Divij Bajaj, Power Gummies claimed that it is only focused on offering health and wellness solutions to meet today's lifestyle, and is backed by WHO standard clinical trials. Bajaj launched the platform with the concept of introducing dietary supplements in a chewable form rather than capsules and tablets.
“The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at over 20% in the coming years. Gummies as a format are likely to take off in a big way, given the convenience factor," said Sumit Keshan, Managing Partner, Wipro Consumer Care – Ventures.
Currently, the brand has four variants being Gorgeous Hair & Nails (hair & nail vitamin gummies), The Beach Body (sugar-free gummies for weight management), That Time of the Month (period pain relief gummies), Jaw-Dropping Skin (collagen builder gummies for skin) and plans to launch 45 more in the upcoming future.
In a similar space, recently, Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast&Up, secured funding for an undisclosed amount from actor Varun Dhawan.
Last month, plant-based nutrition brand Plix has raised $5 million (around Rs 38 crore).
