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Yoga Bar — ITC Built Up Its Stake and Made It a Subsidiary Through Board Nomination Rights

2026.03.26

Article summary

Yoga Bar is a healthy snack D2C brand launched in 2014 by sisters Suhasini Sampath and Anindita Sampath, operated by Sproutlife Foods Private Limited. Revenue for FY2025 (year ended March 2025) was ₹202 crore (1 crore = 10 million rupees) (some reports put it at about ₹200 crore). ITC announced a phased acquisition in 2023 and, through multiple rounds totaling ₹255 crore by March 2025, raised its stake to about 47.5% on a diluted basis. The stake falls short of a majority, but effective April 1, 2026, it gained the right to nominate a majority of the board, making Yoga Bar an ITC subsidiary. It plans to complete a full acquisition over 3-4 years. It offers protein bars, muesli, oats, and cereal.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

Yoga Bar is a healthy snack brand launched in 2014 by the sisters Suhasini Sampath and Anindita Sampath. Its operating company, Sproutlife Foods, has had ITC build up its stake in stages since 2023, and became a subsidiary of ITC as of April 1, 2026.

Company profile

Item	Details
Operating company	Sproutlife Foods Private Limited
Year founded	2014
Headquarters	Bengaluru (Karnataka)
Co-founders	Suhasini Sampath and Anindita Sampath (sisters)
Revenue	₹202 crore (FY2025 = fiscal year ended March 2025. Some reports put it at about ₹200 crore)
Employees	About 200 people
Capital	A subsidiary of ITC (as of April 1, 2026. The stake is about 47.5% on a diluted basis, but it holds the right to appoint a majority of the directors)
Main products	Protein bars, muesli, oats and cereal

How to make it a subsidiary without holding a majority

ITC announced a phased acquisition in 2023 and, through multiple rounds totaling ₹255 crore by March 2025, raised its stake to about 47.5% on a diluted basis. The stake doesn't reach a majority. Even so, effective April 1, 2026, it gained the right to nominate a majority of the board, so for accounting purposes it's an ITC subsidiary.

Building up a stake rather than buying it all at once suits putting a brand onto a major company's distribution while keeping the founders in place. The acquired side gets to keep running the business, and the acquirer can set the price while watching performance. It plans to complete a full acquisition over 3-4 years.

Where protein bars sit in India

India's confectionery shelf is dominated by cheap biscuits and snacks. Protein bars are expensive at ₹50-100 each, and buyers are limited to gymgoers and urban office workers.

Yoga Bar has targeted this segment with protein bars alongside muesli, oats, and cereal, a lineup that covers both breakfast and snacking. Revenue for FY2025 (year ended March 2025) was ₹202 crore. That's a large figure for something that started as D2C, but small next to ITC's overall food business.

Points for Japanese companies

This is worth noting as a model exit for a brand launched as D2C in India: a major FMCG company acquires the stake in stages, lending its distribution before folding it in fully. The same pattern shows up in Marico's D2C acquisitions.

For a Japanese food company launching a brand in India, building nationwide distribution in-house from the start isn't realistic. Assuming a path of building a certain level of e-commerce revenue first and then partnering with a major company makes negotiations over investment or partnership more concrete.