FMCG giant Marico is set to take full control of True Elements, the healthy breakfast and snacking brand owned by HW Wellness Solutions. The company announced that it will acquire an additional 46.02% stake from the founders and other shareholders for ₹138 Cr, taking its shareholding to 100%. The deal is expected to be completed by September 30, 2025.
Marico first invested in the Pune-based startup in 2022, picking up a 53.98% stake through primary infusion and secondary buyouts. The move was part of its broader strategy to strengthen its portfolio in the growing healthy breakfast and snacking categories.
Founded in 2013 by Puru Gupta and Sreejith Moolayil, True Elements has built a strong presence in the health-focused food space with products like oats, muesli, granola, millet-based snacks, seeds, and nutrition bars. The brand has also collaborated with Indian cricketer Rohit Sharma, who launched a sub-brand, RS by True Elements, in 2024.
On the financial front, True Elements recorded significant growth in FY25, with revenues jumping 115% to ₹164.38 Cr, compared to ₹76.42 Cr in FY24. However, the company reported a net loss of ₹23 Cr, a 44% increase from ₹15.9 Cr in the previous fiscal year.
Marico, one of India’s leading homegrown FMCG companies with operations across more than 25 countries, has been on an aggressive acquisition drive to strengthen its digital-first brand portfolio. Over the years, it has acquired majority stakes in several direct-to-consumer (D2C) brands, including Beardo and Just Herbs.
The acquisition reflects a larger industry trend. Competitors like Hindustan Unilever Limited (HUL) and ITC are also expanding their footprint through acquisitions of new-age consumer brands. Earlier this year, HUL acquired Minimalist in a deal worth ₹2,670 Cr, while ITC took full control of natural baby care brand Mother Sparsh.
With the complete buyout of True Elements, Marico is expected to scale up its presence in India’s fast-growing health and wellness food segment, tapping into rising consumer demand for nutritious and convenient snacking options.
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