Marico to Acquire Remaining Stake in HW Wellness for Rs 138 Crore

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  Marico to acquire the remaining 46% stake in HW Wellness, maker of True Elements.
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  Rs 138 crore deal will make HW Wellness a 100% Marico subsidiary.
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  Move strengthens Marico’s position in the health and wellness foods market.

FMCG giant Marico is set to take full control of HW Wellness Solutions Pvt. Ltd, the Pune based startup behind the health food brand True Elements. The company announced it will acquire the remaining 46.02% stake it doesn’t already own for Rs 138 crore. The transaction is expected to be completed by or before September 30, 2025, subject to regulatory and contractual conditions.

Marico had first invested in HW Wellness in May 2022 by acquiring a majority stake of 53.98%. With this latest acquisition, HW Wellness will become a wholly owned subsidiary of Marico, allowing the Mumbai based company to deepen its footprint in the fast growing health and wellness food segment.

In an exchange filing, Marico stated, “The strategic investment in HW Wellness has enabled Marico to scale its presence in the healthy breakfast and snacking categories. The acquisition of the remaining stake reflects our continued confidence in the brand’s potential”.

Founded in 2013, HW Wellness has built a strong digital first brand in the healthy breakfast and snack space through True Elements. The company has shown robust revenue growth over the last three years, Rs 57.40 crore in FY23, Rs 76.42 crore in FY24, and Rs 164.38 crore in FY25, reflecting strong consumer demand for healthier food choices.

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Marico is also seeing solid performance across its core business. For Q1 FY26, it reported consolidated revenue of Rs 3,259 crore, up 23% year-on-year. India business grew by 27% YoY, reaching Rs 2,495 crore, driven by price hikes and volume growth. Net profit rose 9% YoY to Rs 504 crore.

The acquisition fits into Marico’s broader strategy of expanding its portfolio with digital first and health focused brands, and accelerating its digital transformation in the food and nutrition space.

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