Nutraceutical startup Power Gummies claims to be serving 200,000+ consumers and has sold more than three million gummies.
Nutraceutical startup Power Gummies raised its funding of approximately $1 million at an undisclosed valuation led by 9Unicorns, with participation from DSG and Pivot Ventures.
Co-founder of 9Unicorns, Dr Apoorva Ranjan Sharma said, “Due to the growing health conscious nature of people growing in India people tend to consume nutraceutical products. Consumers are looking for long-term benefits with products that would help prevent ailments as they want to avoid popping pills and medicines in general. ”
Power Gummies was founded in 2018, it raised its seed funding in 2019 from venture capital firm Alfa Ventures.
From early 2020, the company had extended its Pre-Series A round from DSG Consumer Partners and in a few months an undisclosed amount from Venture Catalysts in an extension of its pre-Series A round of funding.
Focusing on the startup’s future goals, Divij Bajaj CEO and Founder, Power Gummies, stated, “A healthy POWER sphere is what we are curating – offering the world a power portfolio of nutritional gummy variants that cater to consumer expectations while satisfying their desires and safeguarding health as well as well-being.”
Speaking on the government’s support for the nutraceutical space, Divij added,
“The Rs 15,700 crore provision for MSMEs announced in the Union Budget 2021-22 is a robust incentive to enter the healthcare products segment. Regular pills apart, consumers need reliable nutritional choices. As Power Gummies constitute a safe option, some customers have been consuming two gummies daily to ensure adequate vitamin intake.”
Focusing on the D2C business model, the startup intends to launch more than variants over the coming years by creating awareness and building the right consumer base. The company will be initially starting its manufacturing of period pain gummies that support the menstrual health of women.
According to the International Trade Association, in the $4 billion nutraceutical market, gummy vitamins account for $3.6 million. Comprising 70 percent of this market, Power Gummies is projected to grow at a month-on-month CAGR of 20 percent.
“We are quite optimistic about this segment that is all set to witness massive innovations in the coming months and would continue to stay invested in such preventive health products,” said Divij.