Mragank Jain, Executive Director at Affirma India, stated, "We are optimistic about the growth prospects of the nutraceuticals and wellness opportunity. The sector is growing rapidly, driven by increasing consumer awareness around preventive healthcare. We are very excited to partner with the Tirupati Group that has built a leading position in the Indian nutraceutical industry. We look forward to supporting the Companyâ€™s strategy and driving growth, both in India and overseas, using our longstanding experience as an investor in the emerging markets, sector expertise and global network."
Dinesh Goyal, Chairman of Tirupati Group, said, "Tirupati, with its strong product development capabilities and world class manufacturing facilities has emerged as one of the leading players in the Indian nutraceuticals space. We are very happy to have Affirma Capital as our partner and we look forward to leveraging Affirma's extensive network and business-building expertise as we embark on the next stage of Tirupatiâ€™s growth."
"The nutraceutical industry provides an opportunity to grow multi-fold over the next few years and Tirupati is the market leader in the segment, on account of its deep customer relationships and strong R&D capabilities. We will leverage our capabilities to deepen our presence in emerging product segments including sports nutrition and pre-biotic/pro-biotic supplements and together with Affirma Capital we would develop additional growth avenues over the next few years," said Ashok Goyal, CEO of Tirupati Group.
Citadel Management Consulting, PwC and Themis were advisors to the Tirupati Group. Praxis Global Alliance, Deloitte and J.Sagar Associates advised Affirma Capital on this transaction.