Marico Limited has announced a strategic investment in HW Wellness Solutions Private Limited with an acquisition of 54% equity stake through primary infusion and secondary buy-outs.
Co-founded by Puru Gupta and Sreejith Moolayil, HW Wellness Solutions Private Limited owns “True Elements” , a clean label, digital-first brand playing in the rapidly growing healthy breakfast and snacks segment in India.
Saugata Gupta, MD and CEO, Marico Limited, said, “True Elements is another step towards expanding our total addressable market in the healthy foods segment. We believe the ethos of the brand complements the purpose that drives Marico. The exciting range of products bring to life the rare and virtuous blend of quality, taste and health at the right price. This adds another digital-first brand in our portfolio, which not only has a distinct proposition but also exhibits strong fundamentals along with a growing digital and offline presence.”
Puru Gupta, CEO and Co-founder, True Elements, said, “We are delighted to have entered a strategic partnership with Marico. As a brand, True Elements has always focused on staying True across all its touchpoints- including Purpose, People, Product and Planet, and we are glad to have found a partner who echoes this way of thinking. True Elements built its first phase of growth behind a portfolio of innovative Clean Food and building high consumer trust- while we continue to push the bar on those, our next phase will be focused on long term brand building and accelerating our entry into newer households”
Sreejith Moolayil, COO and Co-founder, True Elements, said, “In addition to value systems, we see strong synergies with Marico in terms of our aspirations for the brand and are confident that this partnership will only make our promise of providing clean, healthy & no-nonsense food much stronger.”