Power Gummies raises $6mn in Series A funding from 9Unicorns, others
- IBEF
- January 11, 2022
Power Gummies, a dietary supplement brand, announced on Monday that it has raised US$ 6 million in fundraising headed by 9Unicorns.
Vcats, DSG Consumer Partners, Wipro Consumer Care Ventures, Sharpp Ventures (Marico Family Office), and NB Ventures also participated in the series A investment, according to a release.
The company has stated that it wants to revolutionise the nutraceutical sector in India and extend its brand both domestically and internationally.
The cash will be used for marketing, expanding the company's personnel, and launching more nutritional supplement varieties, according to the company.
In 2019, Alfa Ventures, a venture capital firm, provided Power Gummies with its first round of funding. It received two more rounds of funding in 2020: a seed round led by Venture Catalysts and DSG Consumer Partners, and a bridge round led by Agility Venture Partners with participation from DSG Consumer Partners and Vcats.
"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.
According to Wipro Consumer Care Ventures Managing Partner Sumit Keshan, the nutraceutical business in India has gained traction in recent years and is likely to grow at a rate of over 20% in the future years.
"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.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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