USV acquires around 79% stake in Wellbeing Nutrition at ₹1,583 crore valuation

Mumbai/Bengaluru: Multinational pharmaceutical and biotechnology company USV Private Ltd has acquired around 79% stake in nutraceutical firm Wellbeing Nutrition in an all-cash deal, valuing the company at ₹1,583 crore, the companies said on Thursday.

The deal will help Wellbeing deepen its presence in doctor- and pharmacy-led channels, co-founder Avnish Chhabria told Mint. “We required a pharma partner with deeper access to doctor and pharmacy networks to strengthen retention and repeat consumption, and to gradually make the business more prescription-led,” Chhabria said.

The transaction marks the exit of early backers Fireside Ventures and Hindustan Unilever, who collectively hold a 40% stake in the company. USV has purchased about 35% stake from Chhabria and about 44% from existing shareholders.

Chhabria, who held 50% prior to the transaction, will retain a 15% stake until March 2028, while the current management, with co-founder Saurabh Kapoor, will continue to operate the business under the oversight of the board, the companies said in the statement on Thursday.

Kotak Mahindra Capital acted as the financial adviser for the deal.

The deal underscores a broader shift in India’s nutraceutical market, where scale is increasingly tied to medical credibility and pharmacy distribution rather than digital reach alone.

In August, Mint first reported that USV, among others, have expressed interest in Wellbeing Nutrition, valuing the company between ₹1,500 crore and ₹1,600 crore.

Scaling the brand

Under the mentorship of FMCG giant Hindustan Unilever Ltd (HUL) and early-stage consumer investor Fireside Ventures, Wellbeing has managed to scale its retail strengths, particularly on quick commerce platforms, like Blinkit and Zepto, growing 5x in the last six months alone, Chhabria said.

“Our distribution is structurally different from most consumer brands. Pharmacies make up over 55% of our revenue, and about 15% comes through doctor prescriptions rather than general trade,” Chhabria noted.

This deal brings the nutraceutical brand under the majority ownership of USV as it looks to scale beyond its premium and D2C-led growth model.

Wellbeing Nutrition now plans to expand its presence in the fast-growing GLP-1 segment, with a particular focus on oral formats as the therapy evolves beyond injectables. The company also sees an opportunity to build complementary, science-led products around metabolic health, Chhabria said. “Administration [of injectibles] is a challenge for most consumers. If we can make it easier to consume orally, there’s a very big market for us,” Chhabria noted.

With USV’s regulatory expertise, clinical capabilities and doctor network, Wellbeing expects to navigate this space with greater credibility and scale.

The transaction will also help USV double down its focus on the preventive and lifestyle-focused wellness segment. Founded about six decades ago, USV commands a strong leadership in diabetes and cardiac care and is also looking to advance its next phase of growth with plans to enter the innovative GLP-1 therapy segment. It houses brands such as Glycomet GP, Ecosprin and Roseday.

“This acquisition dovetails strongly with our strategy to build a future-facing healthcare portfolio that responds to the changing aspirations of Indian consumers,” Prashant Tewari, managing director of USV. “Their success across channels, particularly through their own platform, and their premium, clinically backed portfolio positions us well to accelerate growth.”

India’s nutraceuticals market was valued at $8 billion in 2024 and is growing at 11% CAGR, per estimates by global management consulting firm Kearney.

HUL, in its Q3 earnings call on Thursday, said health and wellness continues to be a big opportunity in India, although under-indexed. The FMCG giant, which also backs nutraceuticals player Oziva, said it will acquire the remaining 49% stake in the brand for ₹824 crore, even as it sells its entire stake in Wellbeing Nutrition.

"Overall, health & wellbeing is a very big opportunity in India, very under-indexed and has huge headroom for growth.," Priya Nair, CEO & MD of HUL said in a post-earnings press briefing. "We have acquired 100% of OZiva. We will double down and build the brand."