This Indian D2C Food Brand Will Get Rs 369 Crore From Marico For Acquiring 58% Stake


Shreya Bose

Shreya Bose

Jul 29, 2023


Marico has signed definitive agreements to acquire up to 58% stake in Satiya Nutraceuticals for Rs 369 crore ($45 million).

This Indian D2C Food Brand Will Get Rs 369 Crore From Marico For Acquiring 58% Stake

Plix acquired

Satiya Nutraceuticals is headquartered in Mumbai and owns “The Plant Fix- Plix”, a digital-first, plant-based nutrition brand which achieved sales of Rs 106 crore last fiscal.

Plix was founded in 2018 by Rishubh Satiya and Akash Zaveri.

It has a range of products covering weight management, hair & beauty, sleep and lifestyle nutrition categories.

Deal components

According to the deal, Marico has acquired 32.75% stake on a fully diluted basis and requisite majority control over its board composition and total voting rights.

Satiya Nutraceuticals has now become a subsidiary of the company and the acquisition of remaining stake of 25.25% on a fully diluted basis will be completed in tranches by May 2025.

Plix’s existing leadership team will continue to run the brand independently.

Expansion to health and wellness

The deal benefits both parties. 

Marico will be able to expand its presence in the health and wellness category.

“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 digital-first brand with a distinct value proposition into our fold,” said Marico’s managing director and chief executive officer (CEO) Saugata Gupta.

“We are confident that the innovative range of plant-based products, combined with robust fundamentals, will propel the brand towards expanding its footprint in chosen product categories and marketplaces.”

Move beyond D2C

While its presence is mostly D2C and third-party E-commerce marketplaces, Plix plans to scale its offline presence over the next few years by leveraging Marico’s presence.

Co-founders Rishubh Satiya and Akash Zaveri said, “We are delighted to partner with Marico… In partnership with Marico, we will prioritise strengthening the brand’s equity and expedite growth by expanding into new categories and channels.

In addition to leveraging Marico’s core competencies, we foresee compelling synergies that align with our brand’s aspirations, thereby signifying a fruitful strategic partnership in the years ahead.”

Fast-growing segment

The plant-based food category is an emerging segment in India estimated to be about Rs 2,000 crore strong with the entry of more than 250 startups over the past few years, according to Plant Based Foods Industry Association.

It has witnessed a string of acquisitions by FMCG majors in the past year, such as ITC’s acquisition of Yoga Bar and Hindustan’s Unilever picking up stakes in OZiva and Wellbeing Nutrition.

On track to Rs 400 cr

Morgan Stanley said that Plix brand will help Marico achieve Rs 400 crore revenue target in FY24.

“The acquisition will help Marico expand into value-added wellness and nutrition portfolio and has a target of scaling up its foods, digital-first and personal care portfolios,” it said.


Shreya Bose
Shreya Bose
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