The company will initially buy 39.4% share and by 31 March 2025, an additional investment of 80 crore will be made, giving the company a total stake of 47.5%.
ITC revealed on Tuesday its intentions to buy Bengaluru-based health snack maker Yoga Bar from D2C. Over a three to four year period, the FMCG giant will purchase 100% of Sproutlife Foods (SFPL).
For 175 crore, the company will initially buy 39.4% share. By 31 March 2025, an additional investment of 80 crore will have been made, giving the company a total stake of 47.5%. The remaining stock will then be bought based on pre-determined value criteria, subject to additional terms outlined in the legally binding contracts.
With a proposed strategic investment in Sproutlife Foods Private Limited (SFPL), a Direct-to-Consumer (D2C) StartUp 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," ITC is strengthening its presence in the quickly expanding, nutrition-led healthy foods space, the company said in an exchange filing.
Sproutlife is a start-up engaged in the business of manufacturing and selling food products under the trademark ‘Yoga Bar’. Positioned as a digital first brand, Yoga Bar currently has high salience of on-line sales (D2C, e-commerce platforms etc.) with growing presence in offline stores.