Power Gummies funding
Power Gummies, a nutraceutical startup announced that it has raised its second bridge round funding of nearly $1 million at an undisclosed valuation led by 9Unicorns, along with participation from DSG and Pivot Ventures.
Dr. Apoorva Ranjan Sharma, Co-Founder, 9Unicorns, said in a statement, “Nutraceuticals products are growing in India as consumers are getting more health-conscious. 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.”
Established in 2018, Power Gummies had raised its first round of seed funding in 2019, led by venture capital firm Alfa Ventures.
Speaking about the startup’s plans, 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.”
Commenting 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.”
Operating on a D2C business model, Power Gummies aims to launch over 40 variants in the coming years by raising awareness and developing the right consumer base. A forthcoming launch is period pain gummies that promote the menstrual health of women.
As per International Trade Association, in the $4 billion nutraceutical market, gummy vitamins account for $3.6 million. Covering 70 percent of this market, Power Gummies is predicted 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.
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