Marico buys 54% stake in parent co of True Elements
CHENNAI: FMCG major Marico has acquired an equity stake of about 54% in HW Wellness Solutions. Co-founded by Puru Gupta and Sreejith Moolayil, HW Wellness Solutions owns the True Elements healthy breakfast and snacks brand. The healthy breakfast and snacks segment in India is a rapidly growing market.
Marico did not disclose the deal value. Products of True Elements, a clean food company with thrust on whole grains, are 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, a statement on Monday said.
Saugata Gupta, MD and CEO, Marico Limited, said, “True Elements is another step towards expanding our total addressable market in the healthy foods segment. The ethos of the brand complements the purpose that drives Marico. 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.”
“True Elements built its first phase of growth behind a portfolio of innovative clean food and building high consumer trust — while we continue to push the bar on those, our next phase will be focused on long term brand building and accelerating our entry into newer households,” added Puru Gupta, CEO and co-founder, HW Wellness Solutions.