Formerly known as Good Mylk, One Good, Bangalore-based vegan brand has emerged as a frontrunner in the plant-based dairy alternatives market, solidifying its position through three successful acquisitions. However, in a groundbreaking turn of events, Nourish You recently acquired One Good, signifying the most significant merger and acquisition deal within India’s growing plant-based dairy sector.
Hyderabad-based direct-to-consumer (D2C) superfoods brand, Nourish You, recently finalized a deal where it exchanged a minority stake for a complete 100% ownership of One Good, with specific details remaining undisclosed.
Nourish You, known for growing quinoa and chia in India, demonstrated a keen interest in the plant-based dairy sector with the launch of their first vegan millet-based milk in early 2023. This introduction was led by Samantha Prabhu, an investor in the vegan brand, along with other notable investors. Now with this acquisition The brand has transformed from being solely a superfood brand to becoming a comprehensive plant-based brand.
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A noteworthy aspect of this acquisition is the assurance of job security for all current One Good employees, as no layoffs are anticipated. As part of this collaborative effort, Radhika Datt, former CFO and co-founder of One Good, confirmed that the entire leadership team, including the CEO, CFO, and COO, will seamlessly integrate into Nourish You and Both brands will stay separte only operations will be merged.
Nourish You highlights that the combination of its growing retail presence and One Good’s effective direct-to-consumer engagement will create a powerful synergy. The merger is anticipated to bring about benefits for both entities, including an expanded client footprint and enhanced cross-selling opportunities.
The founder of Katharos Foods, Jasmine Bharucha, who successfully navigated her company through acquisition by One Good, radiates optimism regarding the merger’s potential. Bharucha believes that the amalgamation will not only grant customers access to an extensive array of plant-based dairy alternatives but also unlock tremendous synergies.
Why Nourish You Acquired One Good
As the trend towards plant-based diets continues to grow in India, plant-based dairy products, especially plant-based milk, are emerging as the preferred option among alternatives like vegan eggs and vegan meat for companies. This is not unexpected, considering India’s status as the largest player in the dairy industry, which clearly reflects the evolving trend towards plant-based milk.
Affordability remains a significant challenge for store-bought vegan milk in India, despite the growing demand for such products. Prices generally hover around four to five times higher than traditional cow’s milk. While making plant-based milk at home is a more economical alternative, the process can become messy, particularly for those without a dedicated nut milk maker.
Read More : Best Dairy-Free Milk Maker to Simplify Your Vegan Journey
However One Good has overcome the obstacle of cost in adopting plant-based alternatives by pricing its flagship product ( vegan cashew-oat-millet milk ) at just 59 INR per liter—half the cost of competitors’ almond and oat milk. In Bangalore, it’s own city they were delivering milk door-to-door to keep price at low but to scale it’s impossible in this strategy.
Nourish You, with its strong retail presence over 2,500 stores nationwide, and has been familiar with One Good’s work since its inception. Through the strategic acquisition, One Good and Nourish You aim to synergize their respective strengths, fostering a collaborative effort to make plant-based alternatives widely available and affordable on a larger scale—a vision that resonates with the core purpose of One Good.
Speaking on the acquisition, Krishna Reddy, co-founder of Nourish You, said, “The acquisition integrates Nourish You’s commitment to animal welfare with our existing values of nourishing consumers, farmers, and the planet. It also reinforces our commitment to make healthy, flavorful plant-based foods, affordable and accessible.”
Having received a prior funding infusion of $2 million from notable investors, including Zerodha’s Nikhil Kamath and actor Samantha Ruth, and propelled by a strategic acquisition, the company is poised to amplify its growth trajectory. Nourish You is now targeting to secure a substantial Rs 50-60 crore in funding through a Series-A round by June 2024.
