FMCG major Marico Ltd has confirmed its plans to acquire up to 22.5% stake in the Mumbai-based parent of fitness and holistic wellness platform Revofit in a cash deal.
The wellness startup Revofit is incubated at Ant Farm, the startup accelerator founded by former Times Internet chief executive Rishi Khiani.
Marico said in a disclosure to the stock exchanges that it would acquire the stake through a mix of primary and secondary transactions. The value of the strategic investment, however, was not disclosed.
The FMCG firm will initially pick up 12.66% stake in Revolutionary Fitness Pvt. Ltd. The remaining 9.84% stake will come into play once Revofit achieves certain milestones which have been specified in the agreement.
Incorporated in 2014, Revofit creates customised meal plans and workout regimens for users and helps them stick to their fitness goals. It is also involved in the development and sale of ready-to-eat food through its online platform and at its physical locations.
Saugata Gupta, managing director and chief executive officer of Marico, said the strategic investment complements Marico’s aim of participating in the nutraceuticals and wellness space.
Sunjay Ghai, Co-founder and CEO of Revolutionary Fitness, said Marico’s deep domain knowledge in marketing, distribution and product development, will hold his firm in good stead.
