D2C brand Power Gummies raises $6M to revolutionize the nutraceutical market in India

New Delhi-based direct-to-consumer (D2C) brand Power Gummies today announced it has raised $6 million or Rs 44 crore in a Series A funding round led by 9Unicorns, Vcats, DSG Consumer Partners, WIPRO Consumers, Sharpp Ventures (Marico Family office), and NB Ventures.

Power Gummies had first raised seed funding from venture capital company Alfa Ventures in 2019. In 2020, the startup had closed two funding rounds: the first was a seed round headed by Venture Catalysts and DSG Consumer Partners, while the second was a bridge round led by Agility Venture Partners, with DSG Consumer Partners and Vcats participating.

Founded in November 2018 by Divij Bajaj, Power Gummies is focused on offering health and wellness solutions to consumers. Notably, The brand has unique formulations backed by World Health Organisation (WHO) standard clinical trials, creating products through robust R&D while following sustainable manufacturing practices.

With this round of funding, The New Delhi-based brand aims to revolutionize the nutraceutical market in India by expanding locally as well as globally. The startup will primarily use the raised capital for marketing initiatives, expanding the team, and launching more variants of dietary supplements.

“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," said Divij Bajaj.

Aside from being FSSAI and FDA compliant, the gummies are manufactured with vegan-based ingredients, no sugar or gelatin, gluten-free, contains no pesticides, no artificial color, and are 100% vegetarian, the startup said.

Apart from this, The supplements have also been lab-verified for purity, clinically assessed, and scientifically supported by biotin-based research published in European Food and Safety Association publications. 

At present, the brand has four variants -- hair and nail vitamin gummies, sugar-free gummies for weight management, period pain relief gummies, collagen builder gummies for glowing skin and promoting beauty from within, and plans to launch 45 more in the near future, it said.

Speaking on the investment, Dr Apoorva Ranjan Sharma, Co-founder of Venture Catalyst and 9Unicorns, said:

“The nutraceuticals industry has been growing owing to the increasing preference of a nutrient rich diet among the consumers. People have now realised the role of nutraceutical products like Power Gummies, which are gluten-free and vegan. These vitamins and proteins are transformed into edible gummies that can help in various disease prevention. With the huge demand that the sector has been garnering, we will continue to invest in preventive health products.”

According to Sumit Keshan, Managing Partner, Wipro Consumer Care – Ventures, The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at over 20% in the coming years.

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