India-based consumer goods giant Marico is to take a majority stake in Satiya Nutraceuticals, the owner of direct-to-consumer brand The Plant Fix-Plix (Plix).
Marico, which already owned 32.75% of Satiya Nutraceuticals, is to buy more shares to push its stake up to 58%.
Financial terms of the deal were not disclosed but the transaction will be completed in May 2025, Marico said in a stock-exchange filing.
“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,” Marico CEO Saugata Gupta said.
Plix is a plant-based nutrition brand with a “digital first” approach, selling directly to consumers and via third-party e-commerce marketplaces. The brand’s plan is to ramp up its offline presence in the next few years.
It has a portfolio with products in the weight management, hair and beauty and sleep and lifestyle nutrition categories.
“In partnership with Marico, we will prioritise strengthening the brand’s equity and expedite growth by expanding into new categories and channels,” Rishubh Satiya and Akash Zaveri, the co-founders of Plix, said in a statement. “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.”
Marico is one of India’s largest consumer goods groups with a portfolio offering skincare, hair care, personal care and food products. Its biggest food brand is Saffola, a ‘better-for-you’ focused brand, which offers products in categories including edible oils, breakfast, “healthy” snacking and plant-based protein.
Gupta said in Marico’s 2023 annual report that the flagship brand Saffola successfully entered new markets despite a “volatile edible oil environment”. The company aspires to cross Rs8.5bn in food revenues next year.
In Marico’s most recent annual report, the company reported its edible oil business accounted for 60% of its annual turnover of Rs97.64bn ($1.18bn). Personal care represented 26% and packaged foods 6%.
In May, the company also bought HW Wellness Solutions for Rs1.68bn. The company is another digital-first food business mainly focused on the healthy-breakfast category.
