ITC will acquire 100% of Sproutlife Foods’ ‘Yoga Bar’ over the next 3-4 years
- ByStartupStory | January 18, 2023
ITC, a significant player in the FMCG industry, said on Tuesday that it will acquire all of the shares of the startup Sproutlife Foods Private Limited (SFPL). According to the company’s exchange filing, ITC will purchase the startup over the course of three to four years following the execution of the deal paperwork.
The declaration claims that Sproutlife manufactures and sells food products under the brand name “Yoga Bar.” Yoga Bar is positioned as a digital-first brand with a heavy focus on online sales (D2C, e-commerce platforms, etc.) and a growing presence in physical stores. According to the announcement, Yoga Bar’s FY22 revenue was Rs 68 crore.
According to the statement, ITC would initially pay Rs 175 crore to purchase a 30.4% interest.
ITC stated that by the end of March 2025, an additional investment of Rs 80 crore will have been made, giving the business a total share of 47.5%. The remaining shares will subsequently be purchased based on pre-established value standards, subject to other terms set forth in the contractual contracts.
A proposed strategic investment in SFPL, a Direct-to-Consumer (D2C) StartUp engaged in the manufacture and sale of innovative products catering to health-conscious consumers under the clean label, new-age digital-first brand “Yoga Bar,” was also mentioned by the company in the statement. ITC is strengthening its presence in the fast-growing, nutrition-led healthy foods space.
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