The all-cash deal worth Rs 10 crores would take place in two tranches of Rs 6.5 crore and Rs 3.5 crore respectively
Domino's Pizza's parent company Jubilant Foodworks acquired a 25.02% stake in dietary products and nutrional supplement maker Wellversed Health, the acquirer stated in a regulatory filing with the Bombay Stock Exchange. The all-cash deal worth Rs 10 crores would take place in two tranches of Rs 6.5 crore and Rs 3.5 crore respectively.
Under the terms of the agreement Jubilant will have the right to nominate one non-retiring director and observer on the Wellversed board.
"This investment reflects the Company’s intent of making strategic investments in promising start-ups and emerging businesses and is in line with the stated goal of building a multi-brand and multi-country food business powered by technology," Jubilant Foodworks mentioned in the filing.
According to researchandmarkets.com, the Indian Dietary Supplement Market was valued $3924.44 Million in FY2020 and is predicted to grow at CAGR of 17.28% until FY2026, to reach $10,198.57 Million by FY2026.