According to media reports, D2C nutrition brand Oziva, acquired by Hindustan Unilever (HUL) in 2022, posted a flat revenue growth for the fiscal year ending March 2024. Following a 20 per cent decline in sales during FY23, Oziva saw a modest 4 per cent increase in revenue to Rs 104 crore in FY24.
The annual report from HUL indicates that Oziva recorded a loss of Rs 44 crore in FY24. This is in line with its performance in FY23, where it reported a net profit of Rs 58.8 crore due to a one-time gain of Rs 95.5 crore, as per media reports. Excluding this gain, the losses stood at Rs 45.8 crore, suggesting that Oziva's financial performance remained largely unchanged.
To date, Oziva has raised around USD 17 million from investors including Matrix Partners, Eight Roads Ventures, and Stride Ventures. This marks the first full fiscal year for Oziva under HUL’s ownership.
In December 2022, HUL acquired a 51 per cent stake in Oziva for Rs 264.28 crore ($32 million), valuing the company at Rs 361 crore (USD 43.5 million). Simultaneously, HUL acquired a 19.8 per cent stake in Wellbeing Nutrition for Rs 70 crore, according to media reports.
