News Pharma Industry

Power gummies: D2C firm Power Gummies sets up own manufacturing unit, partner Apollo for new launch


Power Gummies, a direct to consumer nutraceutical products maker said it has invested around $2 million in setting up a manufacturing plant located in Manesar, Gurugram, to meet surging demand for its supplements. The plant has a manufacturing capability of 10,000 bottles per day.

The company also launched Power Gummies Junior, marking its entry into products specifically designed for kids.

“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,” said Divij Bajaj, founder and CEO of Power Gummies. “With the exclusive partnership between Power Gummies and Apollo 247, we aim to empower parents in prioritizing their children’s health and wellness.”

According to market research firm Euromonitor, the Indian nutraceuticals market is currently worth Rs 47,000 crore, with half the segment dominated by fortified and functional food products, followed by dietary supplements, which account for a quarter of the segment.

Mainstream fast-moving consumer goods companies have entered the market, mostly in the functional food category.

Last year, Hindustan Unilever Limited (HUL) investing in Zywie Ventures, which sells plant-based supplement brand Oziva, and Nutritionalab, which owns nutritional products under Wellbeing, to enter the health and wellness market worth Rs 30,000 crore.Founded in 2018 by Bajaj, Power Gummies is a dietary supplement brand focused on offering health and wellness solutions.In 2022, Power Gummies raised $6 million in Series A funding round led by 9Unicorns, with participation from Vcats, DSG Consumer Partners, Wipro Consumers, Sharpp Ventures (Marico Family office) and NB Ventures. The company said it will use the funds for marketing, to build a larger team and to launch more variants of dietary supplements.


Source link