NEW DELHI/MUMBAI : Nestle India Ltd, the native unit of the world’s largest meals firm, and different strategic and monetary traders are in talks to purchase a major stake in dietary snacks startup Yoga Bar, no less than three folks conscious of the deal stated.
Nestle India has carried out due diligence, and additional talks are on, one of many three stated, requesting anonymity.
Yoga Bar, backed by enterprise capital funds resembling Elevation Capital and Hearth Ventures, is being valued at round ₹450-500 crore, the second particular person cited above stated. “The corporate has additionally held talks with non-public fairness companies to lift main capital of round $20-25 million. Discussions are presently on,” the particular person added.
Nestle, the maker of Maggi noodles and Nescafe espresso, has been eyeing small offers within the well being and complement area. Whereas a few of its rivals have been ramping up their portfolio by acquisitions, the Swiss agency has not carried out any main offers in India lately. Nevertheless, in July, it acquired the pet meals enterprise of Purina Petcare India for ₹123.5 crore. Sproutlife Meals Pvt. Ltd, Yoga Bar’s mother or father, the third particular person stated, has held talks with a number of client companies for a strategic transaction, however a deal fell by due to variations over valuation.
Whereas a Yoga Bar spokesperson termed the event as “inaccurate”, an emailed question to Nestle India went unanswered until press time.
Sproutlife, based in 2014 by sisters Suhasini Sampath and Anindita, first raised funding from Hearth Ventures in 2015. The enterprise capital agency, co-founded by former Helion Enterprise co-founder Kanwaljit Singh, invested $3.3 million within the startup from 2015 to 2018, in response to VCCEdge, the info and intelligence platform of VCCircle. Elevation joined Hearth in Yoga Bar’s final fairness fundraise, a collection C spherical, in August 2020.
In addition to protein bars and muesli, the corporate additionally sells peanut butter, whey protein and gluten-free oats.
In June, in its maiden acquisition, Sproutlife purchased nutrition-based meals firm, SuperHealthy, which focuses on premium nuts, seeds and path mixes.
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Supply: Live Mint