Marico Ltd on Wednesday said that it has entered into definitive agreements to acquire up to 58 per cent of the paid-up share capital of Satiya Nutraceuticals Private Limited on a fully diluted basis.
According to a regulatory filing by Marico, Satiya Nutraceuticals is headquartered in Mumbai and owns “The Plant Fix- Plix”, a leading plant-based nutrition brand with a strong presence in the rapidly growing health & wellness segment. It also offers a range of tasty and easy to use wellness products
Founded in 2018, ‘Plix’ aims to change the way the world consumes plant-based superfoods by making it an enjoyable experience, with its portfolio of non-GMO, vegan, gluten-free and cruelty-free offerings, which use reusable and recyclable packaging.
With an extensive product range spanning across weight management, hair & beauty, sleep and lifestyle nutrition categories, Plix has established itself as one of the leading players in the online plant-based nutrition segment.
While Plix is currently thriving on D2C and third-party e-commerce marketplaces, it plans to ramp up its offline presence over the next few years. The company’s consolidated turnover has more than doubled to Rs 106 crore in fiscal 2023 from a year ago, Marico, owner of the Parachute oil brand, said.
“In line with our strategy to accelerate our diversification journey, the investment in Plix not only expands our total addressable market in value-added wellness foods and nutrition segments, but also brings another digitalfirst brand with a distinct value proposition into our fold. The brand’s philosophy strongly resonates with our purpose, which is to empower consumers to manage their health proactively,” said Saugata Gupta, MD and CEO at Marico Limited.
As part of the transaction, Marico has acquired 32.75 per cent stake in Satiya Nutraceuticals on a fully diluted basis and requisite majority control over its Board composition/total voting rights on July 26, 2023, and accordingly it has become a subsidiary of the company.
“We are delighted to partner with Marico. As a brand, Plix has focused on making nutrition less intimidating and a more enjoyable lifestyle for everyone. Plix has become one of the largest plant-based nutrition brands online with an innovative blend of health, quality, taste and convenience,” said the co-founders of Plix, Rishabh Satiya & Akash Zaveri, in a joint statement.
The acquisition of remaining stake of 25.25 per cent on a fully diluted basis will be completed in tranches by May 2025, which is also a subject to terms and conditions of the definitive agreements.
Marico will report its June quarter results on July 28.
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