In January, the co-founders of Yoga Bar asserted that this decision will strengthen the Bengaluru-based startup’s competitive edge and increase its annual run rate to more than Rs 100 crore. ITC increased by more than 1% following the announcement, reaching a career-high on the BSE of Rs 431.90 for the company.
Yoga Bar is an online store. The company offers protein bars, peanut butter, and gluten-free oats. And it also has a few offline stores. Its headquarters is in Bengaluru.
The company was established in 2015. The founders of this company are Anindita and Suhasini Sampath.
And now this company acquired by ITC.
Nearly four months after announcing the deal, ITC Ltd. announced on Friday that it had paid Rs 175 crore for a 39% stake in Sproutlife Foods Private Limited (SFPL), the company that owns Yoga Bar.
On May 4, 2023, the Company acquired 2,443 equity shares worth 10 rupees each and 7,215 compulsorily convertible preference shares worth 10 rupees each for a total of 175 crore rupees.
ITC- which operates in the cigarette, fast-moving consumer goods (FMCG), hotels, and paper industries, eclipsed Infosys this week to rank as the sixth most valuable Indian corporation.
According to the Yoga Bar co-founders, this move would strengthen the Bengaluru-based startup’s competitive edge and increase its annual run rate to more than Rs 100 crore.
“We are thrilled to join forces with ITC in Yoga Bar’s next phase of growth,” Suhasini and Anindita Sampath Kumar remarked. ITC has a long history of creating brands of the highest caliber by utilizing its key skills, which include a great awareness of the customer, connections to the agro supply chain at all levels, and a broad and extensive distribution network. We are happy that Yoga Bar and ITC will collaborate to create one of the most recognizable brands in the wholesome food industry.
Aashirvaad Multigrain Atta, Aashirvaad Nature’s SuperFoods, the Farmlite line of biscuits, and Sunfeast Protein Shake are just a few examples of the ‘Good for You’ products that ITC now offers as part of its future-ready portfolio.
