Marico Limited has announced the acquisition of the remaining 46.02% stake in HW Wellness Solutions Pvt. Ltd., the parent company of health foods brand True Elements, for up to Rs 138 crore. The move cements Marico’s 100% ownership of the Pune-based startup, which it first invested in back in 2022 by picking up a majority 53.98% stake.
Founded by entrepreneurs Puru Gupta and Sreejith Moolayil in 2013, HW Wellness has grown into a digital-first player in the healthy breakfast and snacks category. The True Elements brand is positioned as a clean-label offering, riding the wave of rising consumer demand for nutritious food options.
According to Marico’s filing with the stock exchanges, the transaction will see the company purchase the remaining stake from the founders and other shareholders.
Betting on healthy foods and brand building
Marico said the acquisition is in line with its broader strategy of scaling up its presence in the fast-growing health and wellness foods segment. By integrating True Elements into its portfolio, the FMCG major aims to leverage the startup’s digital-first capabilities and product range to deepen penetration in a category that has witnessed double-digit growth in recent years.
True Elements has posted a sharp rise in turnover, growing from Rs 57.40 crore in FY23 to Rs 76.42 crore in FY24, and nearly doubling again to Rs 164.38 crore in FY25. The surge highlights the brand’s traction in a market increasingly driven by younger, health-conscious consumers.
Marico’s rising ad spends fuel growth
The move also comes as Marico has stepped up its focus on brand-building through aggressive advertising. The company’s advertisement and promotional expenses rose 25% year-on-year in Q1 FY26 to Rs 299 crore, following an 18.4% increase in overall ad expenditure to Rs 1,128 crore in FY25.
This spending push appears to be paying off. Marico reported a 9% rise in consolidated profit, from Rs 474 crore in Q1 FY24 to Rs 513 crore in Q1 FY25, alongside a 23% jump in revenue to Rs 3,259 crore. Despite high input costs and currency headwinds in some of its international markets, the company’s overseas revenue accounted for 12% of its overall performance in the quarter. With True Elements now fully under its wing, Marico is betting on combining its scale and distribution muscle with the startup’s digital edge to build a stronger play in the health and wellness foods space.