Power Gummies raises $6 million from 9Unicorns, Wipro Consumers, others

The company raised its first funding round from venture capital company Alfa Ventures in 2019. In 2020, it raised a seed round led by Venture Catalysts and DSG Consumer Partners, and also a bridge round led by Agility Venture Partners, with DSG Consumer Partners and Vcats participating, the release said.

Founded in 2018 by Divij Bajaj, Power Gummies is a dietary supplement brand focused on offering health and wellness solutions.

“We are extremely excited to roll out new projects such as introducing new variants and expanding overseas,” said Divij Bajaj, founder and CEO, Power Gummies.

The nutraceuticals industry has been growing owing to the increasing preference for a nutrient-rich diet among the consumers, says Apoorva Ranjan Sharma, co-founder of Venture Catalyst and 9Unicorns. “People have also now realised the role of nutraceutical products 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.”

The nutraceutical market in India has seen strong traction over the last few years and is expected to grow by more than 20% in the coming years. “Gummies as a format are likely to take off in a big way, given the convenience factor,” said Sumit Keshan, Managing Partner, Wipro Consumer Care – Ventures.

Currently, the brand has four variants focusing on hair and nail, weight management, period pain relief and skin care. “The company plans to launch 45 more in the upcoming future,” the release said.