Acquisition · Commerce & Consumer Brands

HUL buys remaining 49% of OZiva for ₹824 Cr

By Startup Enthusiast · 13 February 2026

What they do

OZiva sells plant-based nutrition products for health, skin, hair and wellness

HUL acquired the remaining 49% stake for ₹824 Cr, making OZiva a wholly owned subsidiary

The deal values OZiva at ~₹1,682 Cr, over three times its valuation in 2022

HUL completed the acquisition of the remaining 49% stake in Zywie Ventures, parent of OZiva, for ₹824 Cr.
This makes OZiva a wholly owned subsidiary of HUL.
HUL had earlier acquired 51% of OZiva in December 2022 for ₹264.28 Cr.
The implied valuation of OZiva in this transaction is ~₹1,682 Cr.
The valuation has more than tripled in just over three years.
The HUL Board approved the acquisition on 12 February 2026.
The deal is expected to close by March 2026, subject to customary conditions.

HUL entered the Health & Wellbeing category in 2023 and describes it as a nascent but fast-growing space.
Full ownership reflects HUL's intent to 'double down' on H&W and scale purpose-led brands using HUL's science, distribution and market development capabilities.
HUL has been acquiring D2C brands, including skincare brand Minimalist at a ₹2,955 Cr valuation last year.
Other FMCG companies like Marico and ITC have also been acquiring D2C brands to bolster their portfolios.

OZiva sells plant-based nutrition products across health, skin, hair and general wellness categories.
It is a direct-to-consumer (D2C) brand.
Revenue from operations for FY25 was ₹258 Cr, up 148% from ₹104 Cr in FY24.
Loss for FY25 was ₹4.5 Cr, narrowed 90% from ₹43.5 Cr in FY24.
OZiva scaled to around ₹480 Cr in 2025 with a ~130% CAGR over the last two years.