New Delhi-headquartered Aesthetic Nutrition, which owns digital-first health supplements brand Power Gummies, has raised an undisclosed amount in an extended seed round from early stage venture capital firm DSG Consumer Partners.
In 2019, Aesthetic Nutrition raised $100,000 in its first seed round from venture capital firm Alfa Ventures, VCCircle reported earlier.
Founded in November 2018 by Divij Bajaj, Power Gummies sells dietary supplements in a chewable form instead of capsules and pills. Currently, it offers hair vitamin supplements made from plant-based pectin, essential vitamins, biotin and folic acid.
Aesthetic Nutrition markets its products on its own website and on ecommerce marketplaces such as Amazon, Flipkart and Nykaa. The company has achieved an annual revenue run rate of over Rs 8 crore in the first year of operations, it said in a statement.
Power Gummies claims to use vegetarian pectin as an alternative to traditional animal-derived gelatin that is more prevalent in gummies globally. Additionally, the products do not contain genetically-modified organisms, soy, nuts, dairy, meat or other allergens, the company said.
The company will use money from the funding to build an online presence, have new product launches and develop its management team.
“Our current product, the hair vitamin gummy, helps restore and maintain nail and hair health. We are excited to partner with DSG and with this funding, we aim to expand our operations and introduce new variants,” Bajaj, founder of Aesthetic Nutrition, said.
Singapore-headquartered DSG Consumer Partners’ portfolio consists of 45 startups, including Mswipe, The Moms Co, Leverage EdTech, Veeba, Chai Point and EazyDiner. The venture capital firm’s exits include Oyo, which it sold to SoftBank; ZipDial, which it sold to Twitter; and RedMart, which it sold to Lazada. Its latest investments are from its third fund, which currently manages $200 million of committed capital.
DSG Consumer Partners recently invested in Indonesian startup Youvit, a vitamin supplement brand.
“The vitamin and health supplements market is ripe for disruption and presents a huge market opportunity in India. We believe that gummies will be among the fastest-growing formats in the category,” Deepak Shahdadpuri, managing director of DSG Consumer Partners, said.
In India, there are several health supplement portals such as Healthkart.com, Madeinhealth.com that was acquired by Healthkart.com and Indiasupplement.com. In October 2019, haircare startup Onesto Labs raised $500,000 in a seed round from consumer-focused investment firm Sauce.vc. It offers haircare products such as shampoos, conditioners, hair oils and serums.