Dietary supplement brand Power Gummies on Monday said it has raised USD 6 million (about Rs 44.4 crore) in funding led by 9Unicorns. The series A round also saw participation from Vcats, DSG Consumer Partners, Wipro Consumer Care Ventures, Sharpp Ventures (Marico Family office) and NB Ventures, a statement said.
The brand aims to revolutionise the nutraceutical market in India to expand the brand locally as well as internationally, it added. The company plans to use the funds for marketing purposes, to build a larger team and to launch more variants of dietary supplements, it said. Power Gummies had received its first round of funding from venture capital company, Alfa Ventures in 2019. In 2020, it received two further rounds of funding – a seed round headed by Venture Catalysts and DSG Consumer Partners, and a bridge round led by Agility Venture Partners with DSG Consumer Partners and Vcats participating.
“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…As a brand, we encourage people to adapt to gummies to follow a healthier lifestyle and be the best version of themselves, Power Gummies founder and CEO Divij Bajaj said. The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at over 20 per cent in the coming years, Wipro Consumer Care Ventures Managing Partner Sumit Keshan said.
“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. The strength of Divij and its passionate team, high-quality products, and a clear focus on what consumers require would make it a top player in the Nutra industry, he added. Currently, the brand has four variants and plans to launch 45 more in the future, the statement said.