New Delhi [India], November 25 (ANI/Digpu): New Delhi-headquartered dietary supplement brand, Power Gummies, has raised a bridge round from Agility venture partners, DSG consumer fund and Vcats to accelerate the growth of their new variant, weight management gummies.
Power Gummies has raised funding for the third time in 2020, which marks a hattrick for the startup.
The company looks forward to utilizing the funding for future product research, team building and marketing purposes of their newly launched 'The Beach Body' gummies, that help with effective weight management in a sugar-free and tasty way. They have segmented into the fitness and health industry and are looking to sign a big celebrity name for the brand. From Mid of 2019 till now the company has seen a surge of 6X growth in its valuation doubling up in the past 3 months itself making noise amongst various VC circuits.
In 2019, the first round of funding was raised by venture capital firm Alfa Ventures. In the early stage of 2020, the brand extended a seeding round from venture capital firm DSG Consumer Partners and mid-year, they raised an undisclosed amount from Venture Catalysts in an extension of its pre-Series A round of funding. Now the startup has raised a bridge round led by Agility venture partners, participated by DSG and Vcats - marking a total of 1 million USD raise and a hattrick for the brand this year.
In 2018, Divij Bajaj- Founder and CEO of Power Gummies, under the parent company Aesthetic Nutrition Pvt Ltd, markets and sells dietary supplements in a chewable form instead of capsules and pills. The ingredients used are vegan-based, 0gm Sugar, gelatin-free, gluten-free with zero pesticides, no artificial colour and 100 per cent vegetarian. Their most renowned variant is tasty blue coloured Hair and Nail vitamins gummies which help restore and maintain the health of hair and nails. It is an amalgamation of Biotin, Zinc, Folic acid, and ten other essential vitamins and minerals that act as a panacea for holistic nutrition needs.
The gummies are FSSAI approved and FDA compliant, the products are also lab tested for purity, clinically tested and scientifically-backed on biotin based research published in reports of the European Food and Safety Association. Company believes in intensive research work and each formulation goes through series of clinical trials to back its merit. The firm markets its products through its website www.powergummies.com and on e-commerce marketplaces such as Amazon, Flipkart and Nykaa.
Advocating the mantra ''Health Powered by Happiness and backed by Science.", Divij Bajaj, Founder and CEO of Power Gummies, said "With the current funding raised, we aim to grow our operations by 6X more this year and further launch products in various variants, focusing on different health and wellness categories and segments. Achieving an annual revenue run rate of over Rs8 crore in the first year of operations motivated us to give the best to our customers.
"We are proud to invest in Power Gummies and believe Divij can change the game in the nutraceutical industry with his vision," said Prashant Narang, Executive Partner Agility Ventures Pvt Ltd.
"Power Gummies is a unique brand which is making its mark in the nutraceutical sector, people are looking out for alternatives to take nutrition and Power Gummies happens to be the sweet spot. With the perfect reach and positioning, we only look forward to witnessing a sustainable business growth in the market looking at how people are moving towards preventive care and nutrition for their health and wellness," said Deepak Shahdadpuri (DSG Consumer Partners).
Dr Apoorva Ranjan Sharma said (Vcats) "The Nutraceuticals industry in India is one of the most rapidly growing markets and we are thrilled to invest in Power Gummies. We believe in the potential of the brand with their high-quality offerings which makes them stand out in the market."The company has achieved steady growth in FY20 and within 18 months of just one product launch, has soon grown to be a 1 Bestseller on Amazon in the gummy vitamin category and 3rd bestseller across categories on Amazon launchpad. It is reviewed favourably by customers with ratings of 3.9 on Amazon, 4.0 on Nykaa, and above 4.5 on their website.
Their first variant was met with intrigue, and soon the brand's advocacy grew among prominent celebrities, influencers, and the public, giving rise to a community of beauty and wellness loyalists who have continued to support the brand to this day. Their fan following can be seen through massive followings on social media platforms such as Instagram with above 210k plus followers.
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