Oziva, a direct-to-consumer (D2C) nutrition brand acquired by Hindustan Unilever (HUL) in 2022, experienced stagnant growth in the fiscal year ending March 2024. After a 20% decline in sales in FY23, Oziva saw only a modest 4% increase to Rs 104 crore in FY24, according to HUL's annual report. HUL reported that Oziva incurred a loss of Rs 44 crore in the last fiscal year. In FY23, the company recorded a net profit of Rs 58.8 crore due to a one-time gain of Rs 95.5 crore. Excluding this other income, Oziva's losses amounted to Rs 45.8 crore in FY23. This indicates that Oziva's scale and losses remained stagnant in FY24. It's important to note that FY24 marks Oziva's first full fiscal year under Hindustan Unilever's ownership.
Oziva, founded six years ago, specializes in selling plant-based nutrition products for health, skin, hair, and general wellness. Revenue from health and nutrition products constituted the company's primary income stream. With backing from investors such as Matrix Partners, Eight Road Ventures, and Stride Ventures, Oziva has raised approximately $17 million to date.
In December 2022, HUL acquired a 51% stake in Oziva for a cash consideration of Rs 264.28 crore ($32 million). According to the annual report, Oziva was valued at Rs 361 crore ($43.5 million) using the multi-period excess earnings method. Concurrently, HUL also acquired a 19.8% stake in Wellbeing Nutrition for a cash consideration of Rs 70 crore. Founded by Avnish Chhabria, Wellbeing Nutrition is a company focused on whole-food nutrition utilizing plant-based ingredients for individual wellness. Wellbeing Nutrition has yet to disclose its FY24 results.
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