Nutraceutical start-up Power Gummies has announced its first global expansion, with the products now available across Dubai. The Company will be investing more than Rs 50 million in its UAE project. The Dubai expansion is in line with the strategy of increasing its global footprint and making Power Gummies an international brand.
Whereas the products will presently be exported to Dubai, Power Gummies plans to set up its warehouse in the city to ensure speedy delivery across the UAE. The Company is also planning to expand its market presence through top premium modern retail stores in the coming few months.
Power Gummies is also bringing in chewable vitamin gummies to promote nutrition. Founded in 2018, the nutraceutical startup recently raised a round led by 9Unicorns. Power Gummies held its first round of seed funding in 2019, led by venture capital firm Alfa Ventures. By early 2020, the brand had extended a pre-Series A round from DSG Consumer Partners. By mid-2020, they raised an undisclosed amount from Venture Catalysts in an extension of its pre-Series A round of funding. Additionally, Power Gummies has roped in millennial icon Shraddha Kapoor as the brand ambassador and the face of its Hair & Nails Vitamin Gummies.
According to industry reports, the UAE dietary supplements market is expected to reach $155.85 million by 2026, growing with a CAGR of more than 6% during the forecast period. Rising awareness of dietary supplements among consumers is the major driver for the UAE dietary supplements markets.
Divij Bajaj, CEO & Founder – Power Gummies, said, “We are extremely optimistic about catering to consumer expectations while satisfying desires and safeguarding their health and well-being. Soon, we will be available in all cities across the UAE. Meanwhile, the next milestone is to build our presence in South Asia.”
Functioning on a D2C business model, Power Gummies intends to launch 40-plus variants over the coming years by fostering awareness and building the right consumer base.