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True Elements
Food & Wellness · Healthy breakfast (oats / muesli / granola)
Acquired by MaricoIndia
HQPune, India
Founded2013
FoundersPuru Gupta, Sreejith Moolayil
RegionIndia
Financials
FY24 Revenue₹76.4 Cr (FY24) — 33% YoY
FY25 Revenue₹164.4 Cr (FY25) — ~2.2×
YoY growth33% YoY FY24; ~115% FY25
Profitabilityloss-making
Channels & Distribution
Channel mix not disclosed.
D2C—
Marketplace—
Offline—
Stores12000
Tech stack
Primary stackShopify
Shopify share—
Mobile appNo
Stack signals
Shopify (trueelements.com)50+ ecommerce channelsModern trade12,000 offline outlets
Analyst notes
Marico-owned healthy breakfast brand. Marico acquired 54% May 2022, full 100% for ₹138 Cr in 2025. FY24 ₹76.4 Cr (+33%); FY25 ₹164.4 Cr (~2.2×). 50+ e-comm channels + 12,000 offline outlets + D2C + modern trade.
Confidence: verifiedVerified 5 Jun 2026
Funding
Latest roundStrategic acquisition2025
Round size₹138 Cr for residual stake (2025); 54% acquired May 2022
Total raised—
Valuation₹138 Cr (residual stake value)2025
Investors
Marico (full ownership)
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