Plant based nutrition brand Oziva records steady growth under HUL in FY24
D2C health and wellness brand Oziva, which was previously taken over by FMCG giant Hindustan Unilever (HUL) in 2022, posted a flat scale during the fiscal year ending March 2024.
According to the annual report of its parent company HUL, the company faced a sharp 20% decline in sales during FY23, and the D2C nutrition brand posted a flat scale with a modest 4% increase to 
104 crore in FY24.
104 crore in FY24.
HUL declared that, Oziva has recorded 44 crore loss in the last fiscal year. In FY23, the firm registered a net profit of 58.8 crore due to one-time gain of 95.5 crore. However, if we exclude that other income, its losses stood at 45.8 crore in FY23. This implies, Oziva’s scale and loss remained flat in the last financial year (FY24).
44 crore loss in the last fiscal year. In FY23, the firm registered a net profit of 58.8 crore due to one-time gain of 95.5 crore. However, if we exclude that other income, its losses stood at 45.8 crore in FY23. This implies, Oziva’s scale and loss remained flat in the last financial year (FY24).
The plant based nutrition brand Oziva has completed six years of operation. The company produces plant-based nutrition products for health, skin, hair, and general wellness. The sale of health and nutrition products was the sole revenue driver for the company.
The company has raised around $17 million till date. The notable investors who invested in the company are Matrix Partners, Eight Road Ventures, and Stride Ventures. During December 2022, HUL acquired 51% stake in Oziva with the first tranche at a cash consideration of Rs 264.28 crore ($32 million).
According to the annual report, the revenue of Oziva stood at 361 crore or $43.5 million by using the multi-period excess earnings method.
361 crore or $43.5 million by using the multi-period excess earnings method.
HUL also invested 70 crore in Wellbeing Nutrition and acquired 19.8% of the stake. Wellbeing Nutrition is a whole-food nutrition company and was founded by Avnish Chhabria. The company uses plant-based ingredients to deliver wellness to individuals.
70 crore in Wellbeing Nutrition and acquired 19.8% of the stake. Wellbeing Nutrition is a whole-food nutrition company and was founded by Avnish Chhabria. The company uses plant-based ingredients to deliver wellness to individuals.
