Power Gummies is a Delhi-based startup that sells chewable vitamin gummies and dietary supplements that help cope with hair, skin and nail problems. It offers flavoursome nutritious alternatives to conventional pills across ecommerce marketplaces apart from its website. Founder and CEO Bajaj reiterates, “We are constantly working to stay up to date with the latest regulations and communicate the benefits of our products to potential customers.”
As an entrepreneur, what were some of the things you had to do differently in the last 12 months?
With the onset of an increase in competition, especially in the gummies sector, we are working towards being EBITDA conscious. We launched new gummy variants and completely changed our digital marketing playbook as CAC had doubled up. We faced many challenges, especially with IOS blocking data sharing with Facebook, and that gave us a jolt. Yet, we excelled rightly in building our in-house marketing tech team to pave the way for us. One thing that has helped us is our product efficacy, word of mouth, and user-generated content.
What are your plans for the next fundraising rounds?
We are preparing to raise our Series B funding round in June-July 2023. Our goal is to raise Rs 100 crore to actualise our growth initiatives. Our current funding status is strong, thanks to the success of our Series A round. However, we believe that now is the right time to raise additional capital.
We aim to introduce over 40 gummy variants in the coming years as well. Our Series B funding round will enable us to accelerate our growth plans.
What are the major challenges that you witnessed over the years?
In the early stages, one of the main challenges was convincing others that our idea was more than just a ‘kiddish’ or ‘toffee’ business. Another one was to break the stigma that tasty gummies could also be nutritious.
Another challenge we faced was managing customer expectations. We wanted to be truthful with our customers and not make false promises about overnight results. We had to communicate that our products require regular intake over some time to see proven results.
Today, we continue to face challenges specific to the nutraceutical industry, including regulatory compliance and customer education.
What are your plans for 2023 and the areas of investment in the year ahead?
The last year has been great in terms of revenue targets, we were able to overachieve by 8 per cent. In 2023, we plan to launch kids' gummies and new variants in generic wellness, expanding our product line to reach a new audience and tap into a growing market segment. We have also invested in a new manufacturing plant which will be live real soon that will allow us to scale our production, and streamline operations. It will ensure that everything about Power Gummies will be made in India with a sustainable and eco-friendly brand ethos.