ITC has announced the full acquisition of Sresta Natural Bioproducts Private Limited (SNBPL), the maker of 24 Mantra Organic, for Rs. 472.5 crore. The brand boasts a diverse portfolio of over 100 organic staples, spices, oils, and beverages, with a strong domestic and international footprint. SNBPL’s vertically integrated supply chain supports 27,500 farmers across 1.4 lakh acres of certified organic farmland, aligning with ITC’s focus on sustainable agri-sourcing. With steady annual revenues of Rs. 320 crore, the acquisition positions ITC to capitalize on India’s Rs. 10,000 crore organic market, driven by rising demand for chemical-free food.

Simultaneously, ITC is ramping up its presence in the fast-growing natural baby care segment by acquiring the remaining 73.5% stake in Mother Sparsh for Rs. 81 crore (total investment: ~Rs. 126 crore). Since its initial investment in 2021, the digital-first brand has become a trusted name among Indian mothers, offering Ayurvedic and natural baby care products with an annual revenue run rate exceeding Rs. 110 crore. The acquisition aligns with ITC’s ‘ITC Next’ vision to build a portfolio of innovative, digitally native brands.

Both moves underscore ITC’s strategy to tap into high-growth, consumer-driven segments. While 24 Mantra Organic strengthens ITC’s packaged foods business with farm-to-fork organic sourcing, Mother Sparsh enhances its personal care division with Ayurvedic expertise.

Sameer Satpathy, ITC’s Divisional CEO (Personal Care), emphasized the company’s focus on “future-ready, consumer-centric brands,” while Himanshu, Founder & CEO of Mother Sparsh, highlighted the synergy with ITC’s institutional strengths.

With these acquisitions, ITC is not just betting on trends but building an ecosystem of brands that cater to India’s evolving preferences—for organic nutrition and natural wellness—while leveraging its distribution, innovation, and digital prowess to scale these businesses sustainably.

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This strategic investment, totalling Rs. 60.49 crore, will enable Bikaji to enhance its frozen food production capabilities and expand its market presence.

“We are thrilled to announce our acquisition of a 55% stake in Ariba Foods Private Limited,” said Deepak Agarwal, Managing Director, Bikaji Foods International Limited. “This strategic move not only strengthens our capacity for export growth but also supports our entry into the QSR segment. By integrating Ariba’s state-of-the-art production capabilities, we aim to enhance our frozen snacks and savouries manufacturing.”

The acquisition comes at a pivotal moment as the frozen food sector experiences rapid growth driven by technological advancements. With a positive growth perspective, the industry is set to leverage these innovations to meet increasing consumer demand and expand its market presence.

“This acquisition marks an exciting milestone for Ariba Foods. With our advanced production facilities and export expertise, we are well-positioned to meet Bikaji’s production needs. Our strategic location and state-of-the-art manufacturing capabilities will enable us to drive significant growth in the frozen food category together,” said Gaurav Baheti, Promoter, Ariba Foods Private Limited.

Intensive Softshare Private Limited, a Mumbai-based investor with a strong focus on the Indian consumer industry is the sole syndicator and advisor to the deal.

Bikaji Foods International is an ethnic snacks company and a leading producer of Bikaneri Bhujia, with an annual production of 41,369 tonnes in the financial year (FY24). The brand enjoys extensive market reach across 25 states and 4 union territories as of March 31, 2024, offering a diverse range of products including bhujia, namkeens, packaged sweets, papad, western snacks, and frozen foods.

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According to media reports, Zappfresh plans to invest in and build upon Bonsaro’s existing operations over the next six months, with a focus on enhancing the customer experience and broadening its product offerings. The company also intends to expand into new markets within the region, including Navi Mumbai, Pune, and other nearby towns, within the next year.

For the fiscal year ending in March 2023, Zappfresh reported a revenue of Rs 56 crore and a profit of Rs 11 crore. The company has yet to release its financial results for FY24 but is reportedly considering an IPO in the near future

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