India’s snacking habits are moving from cinema halls to living rooms, and Marico wants a front-row seat.
As the FMCG major eyes a 25% compound annual growth rate (CAGR) in its foods portfolio, its acquisition of premium popcorn brand 4700BC is designed to capture at-home indulgence without abandoning its health-led roots.
“One of our key learnings is that while consumers are willing to spend on healthier options, they are not willing to compromise on taste,” Saugata Gupta, MD and CEO of Marico told Mint. “That’s where 4700BC becomes a great fit in our foods portfolio.”
Founded in 2012 as a premium packaged popcorn brand, 4700BC was acquired by multiplex operator PVR in 2015, which bought a 70% stake for ₹5 crore. Marico this week acquired just over 93% of the brand for ₹226.83 crore.
At FY25 revenues of ₹98.66 crore, the deal values the company at roughly 2.4x its last reported annual revenue. Marico said in a stock exchange filing that 4700BC hit an annualized run rate of ₹140 crore in the December 2025 quarter. Filings sourced from research platform Tracxn show the brand’s losses more than doubled year-on-year to just over ₹16 crore in FY25.
Marico’s foods portfolio grew 5% year-on-year in the December 2025 quarter, as some products were rationalized and Saffola edible oils saw a decline in volumes, remaining flat in value terms, the company said in its earnings release.
The company, however, reiterated that it is on track to grow the foods portfolio to eight times its FY20 size. In the December quarter, Marico reported 8% growth in volumes and 27% growth in consolidated revenue to ₹3,537 crore, while profit after tax rose 12% year-on-year to ₹447 crore.
Portfolio fit
Marico’s foods portfolio is largely anchored around health and wellness brands. These include Saffola, which sells oats, honey and soya chunks, and True Elements, a premium brand in which Marico first acquired a stake in 2022. It also owns Plix, acquired in 2023, which sells supplements such as apple cider vinegar.
“Plix strengthens our presence in nutraceuticals and also gives us a foothold in personal care,” Gupta said. “Saffola and True Elements remain strong in wellness, but not in indulgence. And this was the gap we aimed to fill.”
He added that Marico wanted to participate in the emerging “gourmet but better-for-you” space. “Our digital playbook focuses on building adjacencies where we have a right to win, and filling these spaces. With 4700 BC, we now have a place in the premium gourmet snacking category.”
Marico now enters a field where rivals have significantly ramped up their snacking presence. ITC maintains a massive portfolio with Bingo! snacks, Sunfeast biscuits, and recent forays into frozen snacks like Meatigo and Prasuma, alongside its 2024 health-play launch, Right Shift.
Tata Consumer Products has also aggressively scaled via healthier brands like Soulfull and pan-Asian snacks under Ching’s Secret (Capital Foods). In contrast, HUL does not have a savoury snack play; it sells soups and packaged noodles under the Knorr brand, and has been selling ice-creams under Kwality Walls. It demerged this business in December last year.
Channel expansion
In recent years, 4700BC has expanded its portfolio to include premium snacks such as makhana and nachos made in avocado oil. It has also tapped new sales channels, including business class offerings on airlines such as Etihad and Qatar Airways.
However, Gupta said most of the brand’s sales now come from online platforms, with only a small portion coming from PVR-Inox cinemas.
“The brand has now significantly expanded through quick commerce and e-commerce,” he said. “With the rise of OTT entertainment and the increase in in-home consumption of snacks, this brand has made its way to the living room.”
Marico will continue the brand’s sales arrangement in over 50 PVR-Inox theatres, Gupta added, while also expanding distribution through modern trade and general trade using Marico’s existing network.
Snacks boom
India’s snacking sector is attracting heightened interest from strategic and financial investors. Last week, Gujarat-based Balaji Wafers sold a 7% stake to US private equity firm General Atlantic at a valuation of ₹35,000 crore. Separately, LVMH-backed L Catterton picked up a minority stake in rival Haldiram’s.
India’s savoury snacks market was valued at ₹50,800 crore in FY24, according to a report by research and consulting firm The Knowledge Company. Traditional snacks such as namkeens and bhujias still account for more than half of the market.
“Consumers still crave their beloved traditional snacks, but they now demand the quality assurance that comes with a trusted, sealed packet,” the report said. “The most significant opportunity lies at the intersection of India’s two strongest trends: health and tradition.”
"The market is ripe for products like baked namkeens, millet-based snacks, roasted makhanas in regional flavours, and snacks fortified with seeds and pulses,” the report added.