Power Gummies, a direct-to-consumer nutraceutical products maker, has taken a momentous step in response to the surging demand for its supplements. With an investment of approximately $2 million, the company has established a state-of-the-art manufacturing plant located in Manesar, Gurugram. This strategic move is aimed at enhancing their production capabilities, allowing them to churn out an impressive 10,000 bottles per day to meet the growing market needs.
The company also took a significant step forward by launching Power Gummies Junior, marking its entry into products specifically designed for kids.
Divij Bajaj, Founder and CEO of Power Gummies, said, “Our goal at Power Gummies has always been to provide safe, high-quality nutrition solutions that people love. This investment represents a significant step forward in our journey to offer top-notch health supplements that cater to diverse needs.”
“With the exclusive partnership between Power Gummies and Apollo 247, we aim to empower parents in prioritizing their children’s health and wellness,” he added.
As per the latest findings from market research firm Euromonitor, the nutraceuticals industry in India has reached an impressive valuation of INR 47,000 crore. This market is divided into various segments, with fortified and functional food products taking the lead, encompassing half of the market share. Following closely are dietary supplements, constituting a significant quarter of the segment.
Mostly focused on functional food, the market has witnessed the entry of mainstream fast-moving consumer goods companies.
Last year, Hindustan Unilever Limited (HUL) made significant strides in its expansion strategy by investing in two promising companies. One of these ventures was Zywie Ventures, a company that specializes in selling plant-based supplement brand Oziva. The other strategic investment was in Nutritionalab, a company renowned for its ownership of nutritional products under the brand Wellbeing. HUL’s primary motivation behind these investments was to tap into the thriving health and wellness market, estimated to be worth a staggering INR 30,000 crore.
Established in 2018 by Bajaj, Power Gummies is a dietary supplement brand focused on offering health and wellness solutions.
In 2022, Power Gummies secured $6 million in a Series A funding round, which was spearheaded by 9Unicorns. Additionally, other notable investors, including Vcats, DSG Consumer Partners, Wipro Consumers, Sharpp Ventures (Marico Family office), and NB Ventures, also participated in the funding round. The company expressed its intentions to allocate the funds towards expanding its marketing efforts, scaling up its team, and introducing a broader range of dietary supplement variants.
