Plix raises $5mn in series A from Guild Capital and RPSG Capital Ventures

Funds will be used to launch products in the nutraceuticals space. Over 85 SKUs are planned for launch in next 12 months

Plix, a clean plant-based nutrition brand for daily wellness and strength, said it has raised $5 million in Series A funding from Guild Capital and RPSG Capital Ventures.

The funds will be used for launching products in the nutraceuticals segment tackling key health concerns. Over 85 SKUs are planned for launch in the next 12 months. The company is also looking to hire new senior leadership talent, reinforce their 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.

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.”

Adding his comments, Abhishek Goenka, Head & CIO, RPSG Capital Ventures, said, “Plix’s founders come with a strong vision – that of achieving growth which piggybacks on enabling people to live healthily by offering holistic well-being. We are thrilled to back Rishubh and Akash in their journey to create India’s most loved wellness brand for millennials.”