We mark Express Nutra’s first anniversary with promising deal activity in the nutraceutical sector. As expected, the deals continue the trend of pharma companies morphing from curative to a broader preventive, holistic health model and FMCG companies adding health & wellness to their portfolios. In the pharma sector, the looming loss of exclusivity (LoE) of glucagon-like peptide 1 receptor agonists (GLP-1s) could also provide another spur to M&A and rising investor interest in select nutra companies.
For instance, USV’s recent agreement to acquire 79 per cent equity stake in Nutritionalab, the parent company of Wellbeing Nutrition, is billed as the former’s ‘strategic expansion into India’s fast-growing nutra and consumer wellness space.’
The agreement announced in February reportedly values the D2C company, which was founded in 2019, at Rs 1583 crores. As per the release, it clocked 120 per cent growth in the last two years and is poised to cross Rs 450 crores in revenue by FY27. USV is already a market leader in the oral anti-diabetic and cardiovascular segments and like most of its peers, is launching a GLP-1 therapy post LoE. The use of GLP-1 therapies to treat obesity and diabetes has to be combined with specialised nutrition guidance and hence it makes sense to acquire known nutra brands.
Another recent example of a pharma-nutra deal is Cipla’s acquisition of Inzpera last November. Inzpera reportedly makes nutritional supplements spanning immune, respiratory, and gut health. There are obvious synergies with Cipla’s focus on respiratory, cardiovascular and other segments.
Pharma companies could be competing with FMCG companies for similar targets in the nutra space. But for now, equity investments by FMCG majors could be an early marker of intent and quality.
For instance, Nutritionalab/Wellbeing Nutrition was one of FMCG major Hindustan Unilever’s first forays into the health & wellbeing segment way back in December 2022. In the same month, Hindustan Unilever also bought a majority 51 per cent in Zywie Ventures (OZiva).
Three years later, Hindustan Unilever sold its 19.8 per cent stakes in Wellbeing Nutrition to USV for Rs 307 crores while acquiring the remaining 49 per cent stake in OZiva for Rs 824 crores. In the same month, Marico announced an agreement to acquire a 60 per cent stake in Cosmix Wellness, a digital-first functional wellness brand, at an equity valuation of Rs 375 crore.
India’s nutra sector seems set for more deals as nutra start ups come of age and look for an exit or for partners to scale up. According to a Tracxn report, updated as of March 16, 2026, the nutra tech sector in India comprises 656 companies, including 109 funded companies having collectively raised $622 million in venture capital money and private equity. Out of these, 27 are Series A+ funded.
The sector in India has seen 11 acquisitions and one IPO since Tracxn started tracking the sector in 2016-17. Tracxn’s nutra tech report includes companies manufacturing and marketing nutra ingredients/raw materials, functional foods, functional beverages and dietary supplements.
As we start our second year, Express Nutra promises to highlight key trends in the sector. This edition presents a gamut of views on sustainable sourcing strategies. We welcome feedback, so look forward to suggestions on how we can support the nutra sector to move to the next level.
VIVEKA ROYCHOWDHURY
Editor
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