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Marico Ltd. said it has made a strategic investment in HW Wellness Solutions Private Ltd., which owns True Elements, with an acquisition of 53.98% equity stake through primary infusion and secondary buyouts.
The existing leadership team will continue to run the brand independently and build synergies, Marico said in a statement without disclosing how much it has paid for the transaction.
Co-founded by Puru Gupta and Sreejith Moolayil, True Elements is a digital-first brand playing in the growing healthy breakfast and snacks segment in India.
It offers a range of over 70 products across categories of Western breakfast (oats, quinoa, muesli, granola, flakes), Indian breakfast (poha, upma, dosa), Snacks (roasted seeds, seed mixes, raw seeds) among 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.
Saugata Gupta, MD and CEO, Marico Ltd., 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,” he added.
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