Nutrition product startup Plix on Wednesday said it has raised USD 5 million(around Rs 38 crore) from Guild Capital and RPSG Capital Ventures. The company plans to use the funds for launching several products in the nutraceuticals segment tackling key health concerns and hiring senior leadership talents.
This was series A funding round. “We are ready to enter the next phase of growth, expand our team and technology, and introduce innovative products to our portfolio. We thank Guild Capital and RPSG Capital Ventures for placing their trust in us and look forward to building a cleaner and healthier world together,” Plix co-founder Akash Zaveri said in a statement. Founded in March 2019, Plix deals in products across categories such as weight loss, hair and skin nutrition, daily wellness, women’s health, and workout supplements.
The company claims to have achieved business of Rs 100 crore (about USD 13 million) and grown 10 times in the last 12 months. “Plix aims to reach a scale of Rs 500 crore (about USD 65 million) by 2024,” the company said. It has plans to launch 85 SKUs (stock keeping units) in the next 12 months. The company is also looking to hire new senior leadership talent, reinforce their R&D team and enter new markets, the statement said.
“The wellness market is estimated at USD 1.5 trillion globally and USD 10 billion in India. Awareness about health and wellness is a megatrend that has emerged in the wake of the pandemic. Nutraceuticals as a sub-segment is a big driver of this growth, expected to reach USD 18 billion by 2025,” the statement said.