Oziva Records Flat Growth Under Hindustan Unilever in FY24

D2C nutrition brand Oziva, acquired by FMCG giant Hindustan Unilever (HUL) in 2022, experienced flat growth in the fiscal year ending March 2024. After a significant 20% decline in sales during FY23, Oziva reported a modest 4% increase in revenue, reaching Rs 104 crore in FY24, according to HUL’s annual report.

Oziva recorded a Rs 44 crore loss in FY24, following a net profit of Rs 58.8 crore in FY23, which was bolstered by a one-time gain of Rs 95.5 crore. Excluding this one-time gain, Oziva’s losses in FY23 stood at Rs 45.8 crore. This indicates that both the scale and losses of Oziva remained flat in FY24.

FY24 marked the first full fiscal year for Oziva under HUL’s ownership. The six-year-old D2C firm specializes in plant-based nutrition products for health, skin, hair, and general wellness, with health and nutrition product sales being its primary revenue driver.

Oziva has raised approximately $17 million to date, backed by investors such as Matrix Partners, Eight Road Ventures, and Stride Ventures. In December 2022, HUL acquired a 51% stake in Oziva with an initial cash consideration of Rs 264.28 crore ($32 million). The annual report values Oziva at Rs 361 crore ($43.5 million) using the multi-period excess earnings method.

Simultaneously, HUL acquired a 19.8% stake in Wellbeing Nutrition for Rs 70 crore. Founded by Avnish Chhabria, Wellbeing Nutrition is a whole-food nutrition company using plant-based ingredients to promote wellness. The company is yet to disclose its FY24 results.

This steady performance underlines Oziva’s ongoing integration and stabilization under HUL’s management, as both companies continue to navigate the competitive landscape of the nutrition and wellness industry.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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