Emami to buy out Axiom Ayurveda in ₹200 crore deal, doubles down on health beverages
ADVERTISEMENT
Emami Ltd is moving beyond its core personal care and healthcare playbook, signing a deal to fully acquire Axiom Ayurveda Pvt Ltd in a transaction valued at up to ₹200 crore, marking its formal entry into the beverages segment.
The company has executed a definitive agreement to acquire the remaining 73.5% stake in Axiom, after already holding about 26.5%. As part of the first tranche, Emami has picked up an additional 36.7% stake, with the entire transaction expected to close over the next three months, subject to regulatory approvals and customary conditions.
A bet on health-led beverages
The acquisition brings into Emami’s fold Axiom’s portfolio of aloe vera-based beverages under the AloFrut brand, alongside ayurvedic juices sold as Jeevan Ras and personal care products under Mukti Gold. AloFrut, which combines aloe vera pulp with fruit blends, is the company’s largest business and has built a presence across general trade and government channels.
“This marks our formal entry into the fast-growing beverage segment,” said Harsha Vardhan Agarwal, vice chairman and managing director of Emami. “Our growth strategy is centred on building presence in emerging, high-opportunity categories that align with evolving consumer preferences, particularly in the health and wellness space.”
Agarwal added that Emami’s association with Axiom over the past two-and-a-half years had strengthened its conviction in the category. Axiom is a profitable business and is expected to clock a topline of around ₹180 crore in FY26, he said.
The move signals Emami’s attempt to diversify into adjacent categories as demand shifts towards functional and health-oriented products. The company, which sells brands such as Navratna, BoroPlus and Zandu Balm, has historically grown through acquisitions, including Zandu Pharmaceuticals and Kesh King.
For Axiom, the deal offers scale. Founder Rishabh Gupta said the shift in consumer behaviour which is moving away from carbonated drinks towards healthier alternatives has been central to the company’s positioning.
“Consumers today are increasingly moving away from carbonated beverages and seeking healthier alternatives without compromising on taste,” Gupta said. “I am confident that Emami is the right partner to take Axiom into its next phase of growth.”
As part of the transition, Axiom has appointed Harkirat Bedi, formerly with Dabur Nepal, as chief executive officer. The company expects the leadership addition to accelerate expansion in the health and wellness beverage segment.
For Emami, the acquisition fits into a broader strategy of leveraging “multiple growth levers,” where investments in new-age categories complement its core business. The bet now is whether health-focused beverages can deliver scale comparable to its legacy personal care portfolio.