Venture Catalysts backs health supplements startup Power Gummies

Venture Catalysts backs health supplements startup Power Gummies
Photo Credit: VCCircle
15 Apr, 2020

Aesthetic Nutrition, which owns digital-first health supplements brand Power Gummies, has raised an undisclosed amount in an extended seed funding round from accelerator Venture Catalysts.

“With these incoming funds, we plan to optimise and manage our logistics, supply chain and engage in extensive research and development (R&D) to come up with new variants based on various other needs such as weight management and period pain relief soon,” Divij Bajaj, founder and CEO, Power Gummies said in a statement.

Founded in November 2018 by Bajaj, Power Gummies sells dietary supplements in a chewable form instead of capsules and tablets. Currently, it offers hair vitamin supplements made from plant-based pectin, essential vitamins, biotin, and folic acid.

The latest infusion comes shortly after the company raised an undisclosed amount in an extended seed round from early-stage venture capital firm DSG Consumer Partners in January this year. 

Power Gummies claims that its supplements are 100% vegetarian and are available across the globe through their website, as well as on all major ecommerce platforms like Amazon, Flipkart, Nykaa, Netmeds, and HealthKart.

Additionally, it now aims to expand its footprint across tier-I and tier-II markets in India, according to the statement.

“Even amidst this unprecedented scenario, the nutraceutical market continues to show trend-defying growth on the back of increasing consumer demand for natural nutritional supplements and heightened interest in preventive healthcare. In India, Power Gummies has been a frontrunner in the nutraceutical industry, offering high-quality, FSSAI-approved products that meet the nutritional requirements of people of all ages,” Apoorv Ranjan Sharma, president and co-founder, Venture Catalysts, said.

Founded in 2016 by Sharma, Venture Catalysts claims to be India’s first integrated incubator. It invests $250,0000 – $1.5 million in early-stage startups. The company’s portfolio includes fashion etailer Fynd, grooming products startup Beardo, health and wellness brand PeeSafe and co-working space provider Innov8 among others.

Healthtech startups have gained traction over the past few weeks. New Delhi headquartered Plunes Technologies, which owns an eponymous healthtech platform, raised $300,000 in a bridge funding round. Chronic disease management platform Wellthy Therapeutics scooped $4 million in a bridge funding round from venture capital firm Saama Capital.

In March, the healthcare analytics platform Tricog Health Services raised $10.5 million in a Series B round from returning investors the University of Tokyo Edge Capital (UTEC) and Aflac Ventures, the corporate venture capital arm of Columbus, Georgia-headquartered insurance provider Aflac.