Plix Raises $5 Million In Series A The funding will be used to launch new products and enter new markets
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Plix, a clean plant-based nutrition brand for daily wellness and strength, has raised $5 million in Series A funding from Guild Capital and RPSG Capital Ventures.
The funds will be used for launching several first-of-its-kind products in the nutraceuticals segment tackling key health concerns. The company is also looking to hire new senior leadership, reinforce its R&D team and enter new markets.
The wellness market is estimated at $1.5 trillion globally and $10 billion in India. Awareness about health and wellness is a megatrend that has emerged in the wake of the pandemic. Nutraceuticals as a sub-segment is a big driver of this growth, expected to reach $18 billion by 2025, said a statement.
"Plix is working towards eliminating the presence of junk goods, carbonated drinks and unhealthy foods from dinner tables in India and replacing them with clean, plant-based nutritional foods. We want to innovate, evolve and create an ecosystem of shared values on a more conscious level with health as a priority," said Rishubh Satiya, co-founder of Plix.
"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. We are excited to bring our experience in scaling D2C platforms globally and enable Plix to grow exponentially," said Apoorv Gautam, chief operating officer and head of India investments of Guild Capital.
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 per cent plant-based. The company has products across categories such as weight loss, hair and skin nutrition, daily wellness, women's health and workout supplements. Plix aims to reach a scale of INR 500 crore by 2024.
