Mumbai, 26 July, 2023: Marico Limited (BSE: 531642, NSE: “MARICO”) has announced that it has signed definitive agreements to acquire a majority stake in Satiya Nutraceuticals Private Limited. Co-founded by Rishubh Satiya and Akash Zaveri, Satiya Nutraceuticals Private Limited owns “The Plant Fix- Plix” (https://www.plixlife.com), a digital-first, clean label, plant-based nutrition brand, with a strong presence in the rapidly growing health and wellness segments in India.
Founded in 2018, ’Plix’ is committed to the mission of “Making Nutrition Fun”. The brand aims to change the way the world consumes plant-based superfoods by making it an enjoyable experience, with its portfolio of non-GMO, Vegan, Gluten-free and Cruelty-free offerings, which uses reusable & recyclable packaging. With an extensive product range spanning across Weight Management, Hair & Beauty, Sleep and Lifestyle Nutrition categories, Plix has established itself as one of the leading players in the online plant-based nutrition segment. While Plix is currently thriving on D2C and third-party E-commerce marketplaces, it plans to ramp up its offline presence over the next few years.
Saugata Gupta, MD and CEO, Marico Limited, said, “In line with our strategy to accelerate our diversification journey, the investment in Plix not only expands our total addressable market in value-added wellness foods and nutrition segments, but also brings another digital first brand with a distinct value proposition into our fold. The brand’s philosophy strongly resonates with our purpose, which is to empower consumers to manage their health proactively. We are confident that the innovative range of plant-based products, combined with robust fundamentals, will propel the brand towards expanding its footprint in chosen product categories and marketplaces. It is heartening to see that Marico continues to be seen as the strategic investor of choice for founders who want to build sustainable businesses.”
Rishubh Satiya & Akash Zaveri, Co-founders of Plix said, “We are delighted to partner with Marico. As a brand, Plix has focused on making nutrition less intimidating and a more enjoyable lifestyle for everyone. Plix has become one of the largest plant-based nutrition brands online with an innovative blend of health, quality, taste and convenience. In partnership with Marico, we will prioritize strengthening the brand’s equity and expedite growth by expanding into new categories and channels. In addition to leveraging Marico’s core competencies, we foresee compelling synergies that align with our brand’s aspirations, thereby signifying a fruitful strategic partnership in the years ahead.”
