Marico Limited has announced that it has signed agreements to acquire a majority stake in Satiya Nutraceuticals Private Limited.
Co-founded by Rishubh Satiya and Akash Zaveri, Satiya Nutraceuticals owns Plix, billed as a digital-first, clean label, plant-based nutrition brand.
Founded in 2018, Plix has a portfolio of non-GMO, vegan, gluten-free and cruelty-free offerings, which use reusable and recyclable packaging. The product range spans weight management, hair & beauty, sleep and lifestyle nutrition categories.
While Plix is currently on D2C and third-party E-commerce marketplaces, it plans to establish and grow its offline presence over the next few years.
Saugata Gupta, MD and CEO, Marico Limited, said, “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. 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. It is heartening to see that Marico continues to be seen as the strategic investor of choice for founders who want to build sustainable businesses.”
Rishubh Satiya & Akash Zaveri, Co-founders of Plix, said, “We are delighted to partner with Marico. As a brand, Plix has focused on making nutrition less intimidating and a more enjoyable lifestyle for everyone. Plix has become one of the largest plant-based nutrition brands online with an innovative blend of health, quality, taste and convenience. 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.”
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