ITC Limited, a conglomerate with headquarters in Kolkata, has purchased a 39% stake in Bengaluru-based startup Sproutlife Foods Private Limited (SFPL), which owns Yoga Bar. ITC invested Rs 175 crore to buy the stake. The agreement will aid ITC in expanding its portfolio and strengthening its market position in the “Good For You” industry. Aashirvaad MultiGrain Atta, Aashirvad Nature’s SuperFood, the Farmlite line of biscuits, Sunfeast Protein Shake, and other products are among its portfolio.
The co-founders of Yoga Bar claim that their partnership with ITC will enable them to increase their annual run rate (ARR) above Rs 100 crore. Suhasini and Anindita Sampath made the following statement in a statement: “We are delighted to join forces with ITC in Yoga Bar’s next phase of growth. ITC has a long history of creating global brands by utilising its core competencies, which include a strong backward connections to the agri supply chain, a broad and deep distribution network, and a superior understanding of the consumer. We are thrilled that ITC and Yoga Bar will collaborate to create one of the most recognisable brands in the wholesome food industry.