ITC will acquire 100% of Sproutlife Foods Private Limited (SFPL), a Direct-to-Consumer (D2C) start-up over a period of 3 to 4 years
Sproutlife Foods Private Limited (SFPL), a Direct-to-Consumer (D2C) start-up is engaged in the manufacture and sale of innovative products catering to health-conscious consumers under the clean label, new-age digital-first brand ‘Yoga Bar'
An initial investment of Rs 175 crore will be made through primary subscription and secondary purchases for the acquisition of 39.4% of the paid-up share capital on a fully diluted basis, which is expected to be completed by February 15, 2023
Further infusion of Rs 80 crore will be made through primary subscription, in one or more tranches, by March 31, 2025, or such other later date
Founded in 2014, YogaBar comes under the umbrella of Sproutlife Foods, a group founded by Suhasini Sampath and Anindita Sampath
Yoga Bar is a nutrition-led food company offering healthy snack options such as Protein Bars, Muesli, Peanut Butters, and Gluten-Free Oats
Yoga Bar reported a turnover of Rs 39 crore in FY21, which increased to Rs 68 crore in FY22
The acquisition will enable ITC to enhance its market presence in the 'Good for You' space which currently includes Aashirvaad Multi-Grain Atta and Aashirvaad Nature's Super Foods among others
Shares of ITC have delivered over 50% return to its shareholders in the last one year
Shares of ITC hit its 52-week high of Rs 361.90 on November 11, 2022, and a 52-week low of Rs 207 on February 24, 2022
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