Dietary supplement brand Power Gummies raises $6million funding from 9Unicorns, others
Power Gummies said it has raised $6 million (about Rs 44.4 crore) in funding led by 9Unicorns.
The series A round also saw participation from Vcats, DSG Consumer Partners, Wipro Consumer Care Ventures, Sharpp Ventures (Marico Family office) and NB Ventures, a statement said.
The brand aims to revolutionise the nutraceutical market in India to expand the brand locally as well as internationally, it added.
The company plans to use the funds for marketing purposes, to build a larger team and to launch more variants of dietary supplements, it said.
Power Gummies had received its first round of funding from venture capital company, Alfa Ventures in 2019.
The nutraceutical market in India has seen strong traction over the last few years and is expected to grow at over 20 per cent in the coming years, Wipro Consumer Care Ventures Managing Partner Sumit Keshan said.
"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.