Marico acquires plant-based brand Plix for wellness expansion
Marico aims to broaden its total addressable market in the wellness and nutrition segments. It is looking to expand Plix's offline presence.
Marico Limited has acquired a majority stake in Satiya Nutraceuticals Private Limited, the owner of the plant-based nutrition brand Plix, a digital-first brand offering non-GMO, vegan, gluten-free, and cruelty-free products.
With the acquisition, Marico aims to broaden its total addressable market in the wellness and nutrition segments. It is looking to expand Plix's offline presence in the coming years.
"The investment in Plix aligns with our diversification strategy, expanding our reach in the value-added wellness foods and nutrition segments. The brand's philosophy of proactive health management resonates with our purpose, and we are confident that the plant-based products' innovative range will further enhance its footprint in the market," Saugata Gupta, MD and CEO of Marico Limited, said.
Plix, founded by Akash Zaveri and Rishubh Satiya in March 2019, is a digital-first plant-based nutrition brand offering supplements for daily wellness, women's health, weight management, and fitness. The company offers a range of SKUs, including coconut oil, hair oils, anti-lice treatment, premium refined edible oils, and fabric care.
"In partnership with Marico, we will prioritize strengthening the brand’s equity and expedite growth by expanding into new categories and channels," the co-founders of Plix said.
Marico said it recorded a turnover of about $1.3 billion through its products sold in India and chosen markets in Asia and Africa during FY22.
Edited by Kanishk Singh