[Funding alert] Dietary supplement brand Power Gummies raises funds to expand operations

Aesthetic Nutrition Pvt Ltd, selling chewable dietary supplements under the brand Power Gummies, has secured funding in a pre-Series A round led by DSG Consumer Partners, a consumer-focused venture capital firm.

The fresh capital will be used by the company to launch new products, expand its operations and hire people.

DSG Consumer has backed companies like Oyo, Chai Point, Epigamia, GOQii and Veeba Foods. It typically invests $500,000 to $2 million in a company.

Divij Bajaj, Founder and CEO, Power Gummies, said, “The startup had received interest from tech-based venture capital firms as well but went with DSG Consumer because of its reputation of scaling consumer brands and good valuation on offer.”

Founded in March 2018, Power Gummies seeks to tap into the nutritional over-the-counter healthcare market with its products. The New Delhi-based startup’s products contain 10 vitamins along with biotin and folic acid which offer nutrition for hair and nail-care needs. The company sells its products through its website and other e-commerce sites like Amazon, Flipkart and Nykaa.

Deepak Shahdadpuri, Managing Director of DSG Consumer, stated, “The vitamin and health supplements market is ripe for disruption and presents a huge market opportunity in India. The company has shown a strong product-market fit and achieved an annual revenue run rate of over Rs 8 crore within the first year of launch.”

In India, the nutraceutical supplements market is estimated at $5 billion. It is projected to grow at a 20% compound annual rate between 2018 and 2023.

Other deals

With the growing class of health-conscious Indians, Nutritional foods, supplements and drinks makers have attracted huge investor interest.

In 2019, RAW Pressery, which makes cold-pressed juices that are perceived to be healthier, secured fresh capital from a foreign investor. This brand is also backed by DSG Consumer.

DAAKI, the Bengaluru-based sports nutrition brand, raised an undisclosed amount in angel funding from Rohan Agila last year.