New Delhi-based dietary supplement brand Power Gummies on Wednesday said it has raised a bridge funding round of USD 1 million (about Rs 7.3 crore) from Agility Venture Partners, DSG Consumer Fund and Venture Catalyst.
The latest funding, which will be used to accelerate growth of the new weight management gummies, is the third instance of the company raising capital this year.
'The company looks forward to utilising the funding for future product research, team building and marketing purposes of their newly launched 'The Beach Body' gummies, that help with effective weight management...the company is also looking to sign a big celebrity for the brand,' a statement said.
From mid-2019 till now, the company has seen a surge of 6X growth in its valuation, it added.
'With the current funding raised, we aim to grow our operations by 6X more this year and further launch products in various variants, focusing on different health and wellness categories and segments. Achieving an annual revenue run rate of over Rs 8 crore in the first year of operations motivated us to give the best to our customers,' Divij Bajaj, founder and CEO of Power Gummies, said.