Marico acquires full ownership of True Elements for Rs 138 crore

New Delhi: Marico has announced the acquisition of the remaining 46.02% stake in HW Wellness Solutions, the parent company of the digital-first health food brand True Elements, for up to Rs 138 crore. 

The deal, disclosed in a regulatory filing to the BSE and NSE on Thursday, elevates Marico’s ownership from 53.98% to 100%, making HW Wellness a wholly-owned subsidiary. 

The transaction is expected to close by September 30, 2025, subject to standard terms and conditions.

Marico first invested in HW Wellness in May 2022, acquiring a majority 54% stake to expand its footprint in the fast-growing healthy breakfast and snacking category. 

True Elements, founded in 2013 by entrepreneurs Puru Gupta and Sreejith Moolayil, is known for its clean-label, wholegrain-certified products, offering over 70 items including oats, muesli, granola, poha, upma, dosa, and roasted seed mixes. The brand, which promises zero preservatives, chemicals, or added sugars, has gained traction among health-conscious consumers, particularly through online platforms like Amazon and Flipkart, and is available in over 12,000 retail outlets.

The acquisition aligns with Marico’s strategy to scale its presence in the booming health and wellness foods segment, which has seen double-digit growth driven by younger, urban consumers. 

True Elements reported a remarkable revenue surge, growing from Rs 57.40 crore in FY23 to Rs 76.42 crore in FY24, and nearly doubling to Rs 164.38 crore in FY25.