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Nutraceutical startup Power Gummies has $1 million in its second bridge round funding led by 9Unicorns in participation with DSG and Pivot Ventures.
Founded in 2018, the nutraceutical startup had raised its first round of seed funding in 2019, led by venture capital firm Alfa Ventures. By early 2020, the brand had extended a pre-Series A round from DSG Consumer Partners.
In mid-2020, the startup raised an undisclosed amount from Venture Catalysts in an extension of its pre-Series A round of funding.
Besides this, the biggest brand buzz in 2021 for Power Gummies has been roping in millennial icon Shraddha Kapoor as the brand ambassador and the face of their Hair & Nails Vitamin Gummies. With this association, the brand intends to popularise its vision amongst millennials while reinforcing its values and philosophy.
Elaborating on the Government’s support for the nutraceutical space, Divij Bajaj, CEO & Founder – Power Gummies, said, “The Rs15,700 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.”
Speaking on the funding, Dr. Apoorva Ranjan Sharma, Co-Founder, 9Unicorns said, “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. Nutraceuticals like Power Gummies are usually vitamins and proteins transformed into edible gummies that are gluten-free and vegan and such innovations are attracting huge demand. 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.”
Further speaking on the plan, Bajaj 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.”