Organic India may buy stake in NutriHealth
Organic India, an organic food and supplements firm controlled by ethnic wear retailer Fabindia, is in talks to buy significant stake in nutritionist Shikha Sharma’s NutriHealth, which provides personalised nutrition management services, a person familiar with the development said.
Organic India will buy 20-40% stake in Delhi-based NutriHealth and the two companies have already signed term sheet for the deal, the person told ET.
Organic India’s managing director Abhinandan Dhoke and Dr Shikha’s NutriHealth founder Shikha Sharma declined comment on any of the developments. NutriHealth, which got series A funding of Rs 12 crore from Singapore-based OneHealth Ventures in 2016, has been promoting the concept of nutrigenetics, a combination of modern medicine techniques and ayurvedic principles, in preparing personalised diet programmes.
Tele-nutrition centres of NutriHealth use technology to resolve issues like weight management, and prevention and treatment of lifestylerelated disorders. Its acquisition will help Organic India extend its focus on health and wellbeing. Fabindia in 2013 acquired 51% stake in Lucknow-based firm that sells products such as tulsi tea, ghee, chyawanprash, coconut oil and natural sweetener Stevia.
Founded in 1997 by a former Osho disciple Yoav Lev and his wife Bhavani, Organic India’s revenues stood at Rs 350 crore in 2016-17, and it’s reportedly eyeing a turnover of Rs 500 crore by fiscal 2020 with the demand for organic products increasing steadily. Health and wellness is a fast growing industry in India and has caught the fancy of several investors.
Recently, Marico founder Harsh Mariwala set up his second venture in the wellness area with the setting up of AquaCentric Therapy, a chain of physiotherapy centres that uses land, air and water elements for healthcare.