Plant-based nutrition brand Plix has raised $5 million (around Rs 38 crore) in Series A funding from Guild Capital and RPSG Capital Ventures, the company said in a statement on Wednesday.
The company plans to utilise the funds to launch products in the nutraceuticals segment. It is also planning to hire senior management personnel, reinforce its research and development team and enter new markets. They are expecting to launch over 85 stock-keeping units by 2022, it added in the statement.
Founded in 2019 by Rishubh Satiya and Akash Zaveri, Plix is operated by Satiya Nutraceuticals Pvt. Ltd. The startup manufactures products using plant-based ingredients. According to the statement, their products are available on e-commerce platforms such as Amazon, Flipkart, Nykaa, and also its own website.
"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. 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-around health and well-being, ”said Satiya.
Founded in 2009 by Iain Shovlin, Guild Capital is an early-stage venture capital (VC) firm that typically backs founders as their first institutional investor by actively partnering with them to assist in crafting growth strategies, architecting high-performance teams, creating distinctive brands, and embracing metric-driven management. The firm invests in companies based in India and the US, the statement said.
Launched in 2018, RPSG Capital Venture is an early-stage consumer VC fund, focussed on investing in the direct-to-consumer (D2C) ecosystem including food and beverages, personal care, and lifestyle goods. It has backed D2C brands like The Souled Store, mCaffeine, Vedix and SkinKraft.
Earlier this month, the firm announced an accelerator focused on D2C firms in partnership with Little Black Book (LBB).
