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.

"The Company has on 4th May, 2023 acquired 2,443 Equity Shares of Rs 10 each and 7,215 Compulsorily Convertible Preference Shares of Rs 10 each for an aggregate consideration of Rs 175 crore. With the aforesaid acquisition, the Company’s shareholding in Sproutlife aggregates 39.42% of its share capital on a fully diluted basis," said ITC in a stock exchange filing.

In January, the co-founders of Yoga Bar asserted that this move will strengthen the Bengaluru-based startup's competitive advantage and increase its annual run rate to more than Rs 100 crore.

The Sampath sisters, Suhasini and Anindita, expressed their joy in working with ITC on Yoga Bar's upcoming expansion. ITC has a long history of creating global brands by utilising its key assets, which include an unmatched awareness of the consumer, solid connections to the agro supply chain in the past, and a broad and extensive distribution network. They are thrilled that ITC and Yoga Bar will collaborate to create one of the most recognisable brands in the healthy foods sector.

With the addition of this purchase, ITC will be able to expand its portfolio and strengthen its position in the "Good for You" market, which already includes products like Aashirvaad Multigrain Atta, Aashirvaad Nature's SuperFoods, the Farmlite line of biscuits, Sunfeast Protein Shake, and B Natural Nutrilite ABC Beverage.

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