Aesthetic Nutrition Pvt. Ltd, which markets and sells chewable dietary supplements under the Power Gummies brand name, has raised an undisclosed sum from startup incubator and accelerator Venture Catalysts.
The New Delhi-based startup, which was founded in March 2018, seeks to tap into the nutritional over-the-counter healthcare market with its products.
It comes just three months after the New Delhi-based startup raised money from consumer-focused DSG Consumer Partners.
At the time, Power Gummies said it would use the funding to launch new products, expand operations and hire people.
Company founder and chief executive Divij Bajaj said the startup will use the funds from Venture Catalysts to optimise its logistics and supply chain and increase its research and development.
“In India, Power Gummies has been a frontrunner in the nutraceutical industry, offering high-quality, FSSAI-approved (Food Safety and Standards Authority of India) products that meet the nutritional requirements of people of all ages,” Venture Catalysts president and co-founder Apoorv Ranjan Sharma said.
Power Gummies contain 10 vitamins along with biotin and folic acid which provide nutrition for hair and nail-care needs. The firm sells its products through its website and other e-commerce sites such as Amazon, Flipkart and Nykaa.
Its fundraise from DSG Consumer came just months after VCCircle reported that the startup had raised $100,000 (Rs 70 lakh) from Alfa Ventures in its seed round of funding. The company says it has so far sold over 10 lakh of its products and is now seeking to expand across Tier-I and Tier-II markets in the country.
The startup incubator and accelerator’s investment spree has continued unabated despite the nationwide lockdown in the wake of the Covid-19 pandemic. It was set up in 2015 by Sharma, Anuj Golecha, Anil Jain and Gaurav Jain.
Venture Catalysts has conducted at least eight investments this year, including in Power Gummies.
Other bets it has made include insure-tech startup Insurance Samadhan, prayer materials startup OM Bhakti, artificial intelligence-enabled helmet maker Altor, enterprise-focused neo-banking platform Nupay, financial-technology startup GetVantage, corporate venturing platform IncubateHub and solar panel cleaner startup Skilancer.
In August last year, Venture Catalysts floated a fund, the 9Unicorns Fund, with a corpus of Rs 300 crore ($43.44 million), to help early-stage Indian startups expand their business.
The incubator and accelerator said its network of high net-worth individuals struck 60 investment deals and 27 exit transactions in 2019. Individual investors committed a total of Rs 117 crore (around $16.39 million), with the amount being part of a larger sum of Rs 563 crore that Venture Catalysts facilitated during these deals.