Plix, a clean plant-based nutrition brand for daily wellness and strength, announced a $5 million Series A funding round led by Guild Capital and RPSG Capital Ventures.
The funds will be used to launch products in the nutraceuticals segment that address critical health concerns. Over 85 SKUs are scheduled to be released in the next 12 months. In addition, the company is looking to hire new senior leadership talent, strengthen their R&D team, and enter new markets.
The global wellness market is estimated to be worth $1.5 trillion, with India accounting for $10 billion. Health and wellness awareness is a megatrend that has emerged in the aftermath of the pandemic. Nutraceuticals, as a sub-segment, are a major driver of this growth, with a market value of $18 billion expected by 2025.
Founded in March 2019, Plix has been able to build a successful brand with the unique positioning of having products that are delicious, effective, and 100% plant-based, said the company in a statement.
Plix aims to reach a scale of Rs 500 crore by 2024. Addressing the company’s accelerated growth over the last year, Rishubh Satiya, Co-Founder, Plix said, “Plix is working towards eliminating the presence of junk goods, carbonated drinks and unhealthy foods from dinner tables in India and replace them with clean, plant-based nutritional foods. The vision with which we started the company has grown stronger with the recent pandemic highlighting the importance of a plant-based diet for all-round health and well-being.”.
Apoorv Gautam, Chief Operating Officer and Head of India Investments, Guild Capital, said, “Plix has effectively carved out a unique brand that is accessible, approachable, and fun. We are excited to partner with a team that is young, dynamic, and very data-driven in their decision-making. In addition to their phenomenal growth, we were very impressed by the amount of customer love that the brand is receiving which is evident by industry-leading net promoter score.”
