Marico acquires 54% of True Elements in HW Wellness Solutions.

HW Wellness Solutions owns True Elements, which produces a wide range of healthy snacks. Puru Gupta, CEO and Sreejith Moolayil, COO cofounded True Elements back in 2013. Its portfolio consists of Western and Indian breakfast products and snacks.

True Elements is a clean label, a digital-first brand operating in the healthy breakfast and snacks segment. 

Back in January 2021, HW Wellness had raised Rs 10 crore ($1.36 million) from Maharashtra State Social Venture Fund (MSSVF).

Saugata Gupta, MD and CEO, Marico, said, “True Elements is another step towards expanding our total addressable market in the healthy foods segment. We believe the ethos of the brand complements the purpose that drives Marico. The exciting range of products brings to life the rare and virtuous blend of quality, taste and health at the right price. This adds another digital-first brand in our portfolio, which not only has a distinct proposition but also exhibits strong fundamentals along with a growing digital and offline presence.” 

A report by Avendus Capital said India is expected to see a 2x increase in per capita spending on healthy foods by 2026. The segment is expected to grow to $30 billion in the next five year.

Puru Gupta said, “We are delighted to have entered a strategic partnership with Marico. As a brand, True Elements has always focused on staying True across all its touchpoints- including Purpose, People, Product and Planet, and we are glad to have found a partner who echoes this way of thinking. True Elements built its first phase of growth behind a portfolio of innovative Clean Food and building high consumer trust- while we continue to push the bar on those, our next phase will be focused on long term brand building and accelerating our entry into newer households.”

True Elements, is available on over 90 online platforms and in over 12,000 retail outlets. The company now plans to expand its offline presence. 

Moolayil added, “In addition to value systems, we see strong synergies with Marico in terms of our aspirations for the brand and are confident that this partnership will only make our promise of providing clean, healthy & no-nonsense food much stronger.”

(Source: Campaign India)