India, Feb. 12 -- Mumbai-based pharmaceutical company USV has signed an agreement with Wellbeing Nutrition to acquire 79% stake in the D2C nutraceutical brand for Rs.1,583 Cr ($174.7 Mn) in an all-cash deal.

The majority stake purchase comprises about 35% ownership of Wellbeing Nutrition founder Avnish Chhabria and around 44% from its existing shareholders, where early backers Fireside Ventures and Hindustan Unilever will exit the startup by selling their stake.

Chhabria, who held about 50% prior to the transaction, will "rollover" to retain stake until March 2028. Besides, the current management will continue to operate the business under the oversight of USV's board.

Founded in 2019 by Chhabria and Saurabh Kapoor, Wellbeing Nutrition...