India’s popular Parachute coconut oil maker Marico on Thursday said it has signed a deal to acquire a 58% stake in Satiya Nutraceuticals, a plant-based nutrition brand for Rs 369.01 crore ($45 million).
Marico has purchased a 32.5% stake in the company and will acquire the remaining stake in one or more tranches by May 2025, the company said in an exchange filing.
Marico, which owns brands across categories including haircare, skincare, and food such as Saffola Oats, Livon, and Set Wet deodorant spray, said the acquisition will increase its total addressable market in the value-added foods and nutrition segments as well as its presence in the rapidly growing health and wellness category. Satiya Nutraceuticals will become a subsidiary of Marico.
The company said it also has a right to acquire the remaining 42% in Satiya Nutraceuticals three years after the deal execution date at a consideration to be determined at that time.
Founded in 2020 by Rishubh Satiya and Akash Zaveri, Satiya Nutraceuticals is known for ‘The Plant Fix- Plix’, a plant-based nutrition brand with products such as protein shakes, apple cider vinegar, skin serums, as well as sexual wellness tablets.
The company had a turnover of Rs 106.43 crore in FY 2022-23 against Rs 10.92 crore in FY 2020-21. During FY 2022-23, Marico recorded a turnover of Rs. 9,760 crore through its products sold in India and chosen markets in Asia and Africa.
According to Crunchbase, Plix was valued at $18.1 million as on Oct 21, 2021.
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 said.
“In partnership with Marico, we will prioritise strengthening the brand’s equity and expedite growth by expanding into new categories and channels,” Satiya and Zaveri said.
Shares of Marico were trading 2.3% higher at Rs 544.85 in afternoon trading on Thursday.