Consumer goods maker Marico Ltd said on Thursday it has decided to increase its stake in fitness and wellness platform Revofit to 37% from 22.5%.
Mumbai-listed Marico said in a stock-exchange filing it will acquire the additional stake over the next one year. It didn't disclose the price it will pay due to confidentiality reasons.
The company said that the aim of the investment is to explore the hybrid physical-digital business model and offer integrated fitness solutions to consumers.
Marico had agreed to acquire a 22.5% stake in Revofit, operated by Revolutionary Fitness Pvt. Ltd, in April 2018 through a mix of primary and secondary transactions. It hadn't revealed the deal value.
At the time, Marico managing director and CEO Saugata Gupta had said the investment complemented the company's efforts in the nutraceuticals and wellness segment.
The consumer goods giant, which makes Parachute hair oil and Saffola cooking oil, was founded in 1988. It posted net sales of Rs 5,971 crore for the year ended March 2019 compared with Rs 5,181.32 crore the year before.
Apart from India, the company is present in South Africa, Egypt, Malaysia, Vietnam, some West Asian nations and Bangladesh.
Marico has struck a few deals in recent years in its quest for expansion. In 2017, for instance, Marico acquired South African hair styling brand Isoplus for about Rs 36 crore ($5.6 million) and Indian grooming venture Beardo.
The company was incubated at Ant Farm, the startup accelerator founded by former Times Internet chief executive Rishi Khiani, in 2014.
Khiani set up Ant Farm in 2012. It helps in ideation, scaling an existing idea and monitoring its execution. Ad-tech platform Fork Media, food delivery startup Scootsy and UberDreams, which allows users to bid for experiences with celebrities, come under its umbrella.
Revofit creates customised meal plans and workout regimens for users and helps them stick to their fitness goals. It also develops and sells ready-to-eat food through its online platform and physical stores.
The company's net sales jumped to Rs 2.28 crore for the year through March 2019 from Rs 40.93 lakh the year before and Rs 2.31 lakh in 2016-17.