Top pharma, FMCG firms line up to buy Wellbeing Nutrition at likely ₹1,500 cr valuation

“It will be a strategic sale as the company has reached a good scale. Kotak is running the process and top pharma and FMCG companies have been sounded out,” one of these people said.

Top companies such as Sunpharma, USV Pvt Ltd, Alkem Laboratories Ltd, Dabur, Nestle, Reckitt, ITC, Torrent and Cipla Consumer have been approached and the bids are due next month, three of the people cited above said. Mint could not independently verify the potential bidders.

“The transaction is currently undergoing due diligence. HUL may also look to exit, but they have the right of first refusal and will take a decision based on demand from the other suitors,” one of the people cited above said.

“The transaction will happen in two tranches in which the buyer will get a majority stake and eventually buy out the founder over two to three years,” a second person said. “The company has decided against raising more funds from venture capital or private equity firms as they believe this strategy will help them tap a larger addressable market,” the second person added.

A spokesperson for HUL said, “We acquired a minority stake in Wellbeing Nutrition, a great brand that plays in the fast-evolving demand spaces of health & wellbeing, with a science-backed, benefit-led product portfolio. The brand is doing well and is scaling up fast. We would not like to comment on any market speculation.”

A Dabur spokesperson said, “We keep evaluating companies from an M&A perspective in the regular course of our business, but as a policy we cannot comment on any specifics or any market rumours/speculations.”

Fireside, Sunpharma and ITC declined to comment. Wellbeing Nutrition and Kotak did not immediately respond to Mint’s requests for comment. USV, Alkem Laboratories, Nestle, Cipla and Torrent also had not responded to Mint’s requests for comment at the time of publishing.

Brand aid for biggies

The development comes as several FMCG majors eye new-age brands to attract young customers. Startups for their part are seeking to scale up quickly by tapping the big players’ extensive networks.

Earlier this year HUL acquired a majority stake in direct-to-consumer skincare brand Minimalist for ₹2,706.44 crore in an all-cash deal.

Other FMCG giants such as Marico, ITC, and Dabur have also taken over young brands, including Beardo, Plix, Yogabar and others, to tap young customers.

Founded by Avnish Chhabria in 2019, Wellbeing Nutrition sells products such as oral thin strips, slow-release capsules, collagen peptides and other health products. It also works with other digital marketplaces and offline retail channels.

The brand is focused on identifying potentially beneficial natural ingredients using scientific evidence and creating sustainable ways to deliver nutrition. It competes with HUL-backed Oziva, Kapiva, Gynoveda and Nyumi.

Funding and valuation

As of March 2025, the company was valued at around ₹961 crore (more than $100 million). It has raised nearly $17 million in total, including $10 million or around ₹85 crore in its series B round in December 2022 from HUL and Fireside Ventures, according to data from Tracxn.

It also recently raised a ₹25-crore debt round led by pharma company ACG-Capsules with participation from Maheshwari Investors Pvt Ltd, MGB Advisors, and Atmos Finance, according to a report by Entrackr.

The nutraceutical company has been growing rapidly and aims for ₹350 crore of revenue in FY26 after closing FY25 at ₹170 crore, the company told ET earlier this week. Its losses are expected to remain flat at around ₹31.8 crore in FY25 from ₹31.6 crore in the previous fiscal year. It expects to become Ebitda-profitable by FY27 with a projected revenue of ₹600-650 crore.