Marico to take full ownership of HW Wellness with ₹138-cr acquisition

Marico has announced that it will acquire the remaining 46% stake in HW Wellness Solutions Pvt. Ltd, the maker of health food brand “True Elements”, thereby taking full ownership of the company. The deal, valued at around ₹138 crore, will be completed on or before September 30, 2025, subject to certain conditions, Marico said in an exchange filing.

“The company has now entered into a definitive agreement to acquire the balance 46.02% of the paid-up share capital of HW Wellness from its founders and other shareholder(s), as per the terms and conditions agreed thereunder,” Marico stated in the filing.

Marico first invested in HW Wellness in May 2022 by acquiring a 53.98% majority stake in the Pune-based startup. With this transaction, Marico’s holding in HW Wellness will rise from 53.98% to 100%, making it a wholly owned subsidiary. “The current transaction is towards the acquisition of the remaining equity stake in HW Wellness, upon completion of which it will become a wholly owned subsidiary of the company,” the release noted.

The move is aimed at strengthening Marico’s presence in the fast-growing health and wellness foods segment and accelerating its digital transformation journey, the company said. “The strategic investment in HW Wellness has enabled Marico to scale its presence in healthy breakfast and snacking categories while adding another digital-first brand with a strong and differentiated proposition to its portfolio,” it added.

Established on December 19, 2013, HW Wellness Solutions is a leading digital-first brand in the healthy breakfast and snacks segment and owns the True Elements brand. Over the past three years, the company has posted strong revenue growth, with turnover rising to ₹164.38 crore in FY25 from ₹76.42 crore in FY24 and ₹57.40 crore in FY23, reflecting rising consumer demand in the health and wellness foods category.

For the April–June quarter of the current fiscal, Marico reported revenue of ₹3,259 crore, up 23% year-on-year (YoY), with underlying volume growth of 9% in its India business and constant currency growth of 19% in its international business. Net profit rose 9% YoY to ₹504 crore in Q1FY26.

The Mumbai-based company’s India business revenues stood at ₹2,495 crore, up 27% YoY, aided by price hikes in its core portfolios in response to sharp input cost inflation.