India’s largest consumer goods maker Hindustan Unilever (HUL) has made investments in nutrition brands Zywie Ventures (OZiva) and Wellbeing Nutrition, making its entry into the growing health and wellness market in India.
In a regulatory filing, HUL said it has acquired 51% of Zywie Ventures (OZiva) for $32 million (Rs 264.28 crore) and will acquire the remaining 49% stake after three years from the completion of the first tranche.
Separately, the company said it has acquired a 19.8% stake in Wellbeing Nutrition for a cash consideration of Rs70 crore.
HUL expects both transactions to complete in the next 1-3 months, subject to customary closing conditions. HUL is known for its wide range of popular consumer products including detergent Surf Excel, and soaps Lifebuoy and Dove.
Founded in 2016, OZiva is a plant-based, and clean-label consumer wellness brand focused on the need spaces such as Lifestyle Protein, Hair & Beauty Supplements and Women’s health. It has raised a total of $17 million to date including a $12 million Series B round from Eight Roads Ventures and Matrix partners in March last year.
Zywie Ventures had a turnover from operations of Rs 124.17 crore for the financial year 2021-22.
Wellbeing Nutrition’s product range includes Melts (Oral Thin Strips), Slow (Slow-Release capsules) and Marine Collagen powder focused on need spaces such as Beauty, Everyday Health, Gut Health and Sleep. It was founded in 2019 and raised $2.2 million in a Series A round led by Fireside Ventures in 2021.
Sanjiv Mehta, CEO and Managing Director, HUL said, “These strategic investments give us an entry into the fast-growing Health & Wellbeing category. They align strongly with our mission to improve the health and wellbeing of consumers and empower people to take charge of their health through solutions that they can trust”
According to HUL, Health & Wellbeing is a fast-evolving category in India with a total potential market size of Rs 30,000 crore.