Acquisition of equity shares of HW Wellness completed on 23 May 2022 at a mutually agreed pre-money enterprise valuation.
Marico has announced a strategic investment in Pune-based HW Wellness Solutions with an acquisition of about 54% equity stake through primary infusion and secondary buyouts.HW Wellness Solutions owns "True Elements", a digital-first brand of healthy breakfast & snacks, co-founded by Puru Gupta and Sreejith Moolayil. It is India's only food brand to be certified as both 'Clean Label' & '100% wholegrain' by leading US-based non-profit organizations.
It promises 0% preservatives, 0% chemicals & 0% added sugar in its offerings. It offers a wide range of 70+ products spanning across categories of Western breakfast (oats, quinoa, muesli, granola, flakes), Indian breakfast (poha, upma, dosa), snacks (roasted seeds, seed mixes, raw seeds) amongst others.
Available on over 90 online platforms & in over 12,000 retail outlets, True Elements currently garners majority of its business through online marketplaces and plans to significantly ramp up its offline presence over the next few years.
Marico acquired HW Wellness at a mutually agreed pre-money enterprise valuation, which was not disclosed due to reasons of confidentiality.
The FMCG major said that the transaction will expand its presence in the healthy foods segment and accelerate its digital transformation journey by adding another digital-first brand with a strong and differentiated proposition in its portfolio.
Saugata Gupta, MD and CEO, Marico, said, "True Elements is another step towards expanding our total addressable market in the healthy foods segment. We believe the ethos of the brand complements the purpose that drives Marico. The exciting range of products bring to life the rare and virtuous blend of quality, taste and health at the right price. This adds another digital-first brand in our portfolio, which not only has a distinct proposition but also exhibits strong fundamentals along with a growing digital and offline presence."
Marico is one of India's leading consumer products companies in the global beauty and wellness space. During FY 2021-22, Marico recorded a turnover of Rs 9500 crore (USD 1.3 billion) through its products sold in India and chosen markets in Asia and Africa. Its portfolio brands includes Parachute, Saffola, Saffola FITTIFY Gourmet, Saffola ImmuniVeda, Saffola Mealmaker, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, Pure Sense, Coco Soul, Revive, Set Wet, Livon, Just Herbs and Beardo. Marico's International business contributes to about 23% of the Group's revenue, with brands like Parachute, Parachute Advansed, HairCode, Fianc, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Mediker SafeLife, Thuan Phat and Isoplus.
Marico reported 13.2% rise in the net profit to Rs 257 crore on a 7.4% increase in net sales to Rs 2,161 crore in Q4 FY22 over Q4 FY21.
Shares of Marico rose 0.58% to settle at Rs 531.40 on Monday.
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