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After Nestle India, ITC eyes Rs150 crore stake in Yoga Bar

Dabur India and VC firm A91 Capital were among others that looked at the possibility but passed.

September 23, 2022 2:43 IST | India Infoline News Service
According to persons familiar with the matter, tobacco-to-food consumer giant ITC Limited is competing with Nestle India to acquire a stake in Yoga Bar, an 8-year-old health snack firm located in Bengaluru, as the company seeks growth opportunities.

Dabur India and VC firm A91 Capital were among others that looked at the possibility but passed. Sproutlife, the parent company of Yoga Bar, has been looking for strategic and financial investors to finance Rs150 crore.

Suhasini and Anindita Sampath's startup received its first round of investment from Fireside Ventures in 2015. According to VCCEdge, VCCircle's data and analytics platform, the venture capital company, co-founded by former Helion Venture co-founder Kanwaljit Singh, invested $3.3 million in the startup from 2015 to 2018.

Elevation joined Fireside in Yoga Bar's last equity round, a series C round, which took place in August 2020. The Sampath sisters own 49% of the corporation and are the company's main shareholders.

The new investor will most likely become a significant minority shareholder.

Yoga Bar offers protein bars and muesli, as well as peanut butter, whey protein, and gluten-free oats.

At around 2.46 PM, ITC was trading at Rs346.05 up by 0.28% from its previous closing of Rs345.10 on the BSE.

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