Marico Acquires 58% Stake in ‘The Plant Fix- Plix
- ByStartupStory | July 27, 2023
Marico Ltd, the renowned owner of the Parachute oil brand, has announced a significant move to expand its presence in the health and wellness segment by entering into definitive agreements to acquire up to 58% of the paid-up share capital of Satiya Nutraceuticals Private Limited, a leading plant-based nutrition brand.
Headquartered in Mumbai, Satiya Nutraceuticals owns “The Plant Fix- Plix,” an acclaimed plant-based nutrition brand with a strong foothold in the rapidly growing health & wellness industry. Founded in 2018, Plix has been revolutionizing the way people consume plant-based superfoods, offering a range of tasty and easy-to-use wellness products that are non-GMO, vegan, gluten-free, and cruelty-free, packaged in reusable and recyclable materials.
The brand has built an extensive product range across various categories, including weight management, hair & beauty, sleep, and lifestyle nutrition, positioning itself as a leading player in the online plant-based nutrition segment. While excelling in the direct-to-consumer (D2C) and third-party e-commerce markets, Plix has ambitious plans to enhance its offline presence in the coming years. In fiscal 2023, the company’s consolidated turnover more than doubled to Rs 106 crore from the previous year.
Mr. Saugata Gupta, Managing Director and CEO at Marico Limited, expressed enthusiasm about the acquisition, stating, “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. The brand’s philosophy strongly resonates with our purpose, which is to empower consumers to manage their health proactively.”
As part of the transaction, Marico has already acquired a 32.75% stake in Satiya Nutraceuticals on a fully diluted basis and gained requisite majority control over its Board composition and total voting rights on July 26, 2023, effectively making it a subsidiary of the company. The acquisition of the remaining 25.25% stake on a fully diluted basis will be completed in tranches by May 2025, subject to the terms and conditions outlined in the definitive agreements.
The co-founders of Plix, Rishabh Satiya & Akash Zaveri, expressed their delight in partnering with Marico, stating, “Plix has become one of the largest plant-based nutrition brands online with an innovative blend of health, quality, taste, and convenience.”
Marico’s further financial updates, including its June quarter results, are scheduled to be reported on July 28.
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