Emami, ITC, Britannia and Orkla India are reportedly exploring the acquisition of a significant stake in Farmley, an Indian healthy-snacking brand that could be valued at approximately ₹2,000 crore. The proposed transaction comes as a group of early investors holding a combined 31% stake seeks to sell its shares, with preliminary bids expected by the end of October 2026, according to reporting by The Economic Times.
The deal could become a minority investment or a majority stake sale, depending on whether Farmley’s founders also decide to sell shares. The founders, Akash Sharma and Abhishek Agarwal, together hold approximately 32% of the company, while private equity investor L Catterton owns around 21%. No transaction has been finalised or officially announced by the prospective buyers, making the reported valuation and ownership changes subject to negotiations.
Key takeaways
- Four FMCG companies are reportedly interested: Emami, ITC, Britannia and Orkla India are evaluating a potential stake in Farmley.
- Potential valuation of ₹2,000 crore: The proposed transaction could value the healthy-snacking company at this level, although the final price remains unknown.
- Early investors seek an exit: Investors holding a combined 31% stake have reportedly put their shares up for sale.
- Founders could influence the deal structure: Akash Sharma and Abhishek Agarwal own approximately 32% together, and their participation could turn the process into a majority stake sale.
- Farmley has scaled its digital business: The company reported FY25 revenue of ₹396 crore, up from ₹230 crore in FY24, with approximately 80% of revenue coming through online and quick-commerce channels.
- No acquisition is confirmed: KPMG is advising the selling investors, and preliminary bids are expected by the end of October.
Why Emami, ITC and Britannia are interested in Farmley
The reported interest in Farmley reflects the growing focus of established fast-moving consumer goods (FMCG) companies on acquiring brands in newer food categories. Instead of building every product line from scratch, large consumer companies can use acquisitions to enter adjacent markets, gain access to established products and accelerate their presence in digital distribution channels.
Farmley sells dry fruits, nuts and other snacks positioned around more mindful eating. The business has evolved from a supplier serving other businesses into a consumer-facing brand, giving it a route to reach shoppers directly through online marketplaces, e-commerce platforms and quick-commerce services.
For a large FMCG company, acquiring a stake in Farmley could provide access to an established brand in a category that overlaps with changing consumer preferences. It could also offer opportunities to use existing distribution, procurement, marketing and retail relationships to expand sales.
However, the strategic rationale will differ for each potential buyer. The reported interest does not establish that any one company has made a binding offer, nor does it mean the four companies are bidding jointly.
Emami: Expanding beyond its traditional consumer categories
Emami is known for personal-care and healthcare brands, including Navratna, BoroPlus and Zandu. A potential investment in Farmley would give the group greater exposure to packaged foods and healthy snacking.
Emami has been pursuing opportunities to diversify its business beyond its traditional product categories. A food brand could offer additional growth avenues, particularly if the buyer can use its distribution network and marketing capabilities to reach more consumers.
The potential transaction also comes as Emami Agrotech has been building its packaged-food presence. In August 2026, the business launched its packaged-snacks brand WeMe and outlined plans to invest ₹750 crore over three to five years in the food sector, according to reporting by Sahi Markets.
An investment in Farmley could complement that broader direction, although it remains unclear whether Emami would seek operational control, a minority financial stake or a different ownership structure.
ITC: Adding another brand to its packaged-food portfolio
ITC already operates a substantial packaged-food business, with products spanning biscuits, snacks, staples and other food categories. Its brands include Sunfeast, Bingo!, Aashirvaad and YiPPee!.
A stake in Farmley could help ITC expand its presence in nuts, dry fruits and health-positioned snacking products. These products could complement its existing food portfolio and provide additional options for consumers seeking alternatives to conventional packaged snacks.
ITC also has manufacturing, sourcing, distribution and retail relationships that could potentially help a smaller brand scale. The value of an acquisition would depend on whether these capabilities could be used to grow Farmley’s reach and improve its economics.
Nevertheless, a strategic fit does not guarantee a deal. ITC has not publicly confirmed an agreement to buy Farmley, and the reported process remains at the evaluation stage.
Britannia: An opportunity to diversify its snacking range
Britannia Industries is best known for biscuits and bakery products, including Good Day, Marie Gold, NutriChoice and several other packaged-food brands.
Farmley could offer Britannia an opportunity to extend its portfolio into a different part of the snacking market. Nuts, dry fruits and related products can serve different consumption occasions from traditional biscuits, while still benefiting from packaged-food distribution and brand marketing.
A potential transaction could also help Britannia access a consumer brand that has already developed an online sales presence. Whether the company sees sufficient strategic and financial value in Farmley will depend on the proposed price, growth prospects and expected returns.
Britannia’s reported interest should not be interpreted as a confirmed acquisition plan. The company has not announced a completed transaction or a binding agreement.
Orkla India: A further potential buyer
Orkla India is another reported interested party. The company operates in the Indian branded-food market, including through businesses and brands associated with MTR and Eastern.
Farmley could provide another route into packaged snacking and products built around nuts and dry fruits. The opportunity would depend on how Farmley fits with Orkla India’s existing brands, manufacturing operations and distribution strategy.
The presence of multiple potential buyers could create competitive tension in the sale process. However, it is not possible to determine whether competition will increase the eventual valuation until bids are submitted and the seller’s process advances.
Farmley’s proposed ₹2,000-crore valuation
The reported transaction could value Farmley at approximately ₹2,000 crore. This would be a substantial increase from the company’s reported valuation of ₹944 crore in 2025, when L Catterton invested approximately ₹194 crore to acquire a 21% stake in a Series C funding round.
The comparison suggests that the company may be seeking a significantly higher valuation as it scales its consumer business. However, the two valuations arise from different transactions and may reflect different expectations for growth, profitability, ownership and market conditions.
A reported valuation is not the same as the amount sellers will receive. The final financial outcome will depend on the percentage of shares sold, the negotiated price, the terms of the transaction and whether new capital is invested in the company or existing shareholders sell their holdings.
Farmley’s reported ownership structure
| Shareholder group | Reported stake or position |
|---|---|
| Early investors seeking an exit | Approximately 31% combined |
| Founders Akash Sharma and Abhishek Agarwal | Approximately 32% combined |
| L Catterton | Approximately 21% |
| Other investors, enterprise holdings and ESOP pool | Remaining ownership |
| KPMG | Advising the selling investors |
The early investors reportedly include Omnivore Partners, DSG Consumer Partners, Alkemi Growth Capital, Insitor Partners, Indigram Labs and Trifecta Capital.
The founders’ decision will be important in determining the scale of any transaction. If the founders sell only a limited number of shares, the deal could remain a minority stake sale. If they participate alongside the early investors, the transaction could involve a much larger ownership transfer and potentially a change in control.
L Catterton, which acquired its reported 21% stake in 2025, is not expected to sell its holding in the current process, according to the reporting.
KPMG is advising the selling investors, and preliminary bids are expected by the end of October 2026. That timetable is an expected milestone, not a guarantee that a deal will be signed or completed by that date.
Farmley’s growth from B2B supplier to consumer brand
Farmley was founded in 2017 by IIT alumni Akash Sharma and Abhishek Agarwal. It initially operated as a business-to-business supplier of dry fruits and nuts to retail businesses before shifting towards a consumer-facing direct-to-consumer model in 2021.
The change gave Farmley a more direct relationship with consumers and allowed it to develop its own branded product range. Instead of focusing primarily on supplying other businesses, the company could build awareness around its name, packaging, product formats and positioning.
The strategy coincided with the expansion of online shopping and quick-commerce platforms in India. These channels can help digital-first brands reach consumers without relying exclusively on traditional retail distribution.
Farmley’s reported sales mix illustrates the importance of these channels: approximately 80% of revenue comes from online sales, including e-commerce and quick-commerce platforms. This gives the brand access to consumers who increasingly purchase packaged food through digital storefronts and rapid-delivery services.
However, an online-heavy sales mix also creates exposure to platform economics, promotional spending, customer acquisition costs and competition for digital visibility. As the business grows, balancing rapid sales expansion with sustainable margins will be important.
Farmley’s revenue has increased sharply
Farmley’s operating revenue rose to approximately ₹396 crore in FY25 from ₹230 crore in FY24, representing growth of about 72%, according to The Economic Times. The figures show that the company has expanded quickly, although revenue growth alone does not establish profitability or cash generation.
| Financial indicator | FY24 | FY25 |
|---|---|---|
| Reported revenue | ₹230 crore | ₹396 crore |
| Year-on-year growth | — | Approximately 72% |
| Reported FY27 revenue expectation | — | ₹700–750 crore |
The FY27 figure is an expectation reported by sources familiar with the business, not a confirmed result or guaranteed forecast from audited financial statements. It would represent a substantial increase from FY25 if achieved.
The reported growth can help explain why larger FMCG companies may be interested in the business. An established consumer brand with expanding revenue can offer an acquirer a faster route into a growing product category than developing a new brand internally.
Still, prospective buyers will need to assess more than the top line. Relevant considerations include gross margins, marketing expenditure, fulfilment costs, customer retention, working-capital requirements and the profitability of different sales channels.
A business can grow revenue rapidly while still requiring additional capital to fund inventory, marketing and expansion. The eventual acquisition price will therefore depend on financial due diligence and the buyer’s assessment of Farmley’s future performance.
Why the healthy-snacking market is attracting FMCG buyers
India’s packaged-food market is becoming more competitive as consumers gain access to a wider range of branded products. Nuts, dry fruits and other snack formats appeal to shoppers looking for convenient products that fit different dietary preferences and consumption occasions.
Digital commerce has also lowered some barriers to entry for new brands. Companies can test product formats, target specific customer groups and build demand through online marketplaces before expanding into broader retail distribution.
Established FMCG businesses may find it attractive to acquire brands that have already demonstrated demand. An acquisition can provide an existing product range, brand identity and customer base, while the buyer contributes manufacturing, procurement, distribution and marketing capabilities.
However, the healthy-snacking category is not insulated from the challenges facing packaged food companies. Competition can pressure prices, customer acquisition can be expensive and raw-material costs can fluctuate. Maintaining consumer trust also requires consistent product quality, sourcing standards and clear product claims.
For Farmley, a strategic investor could potentially support expansion into new markets, retail formats and product categories. The extent of that opportunity will depend on the buyer’s plans and the terms agreed in any eventual transaction.
What a Farmley deal could mean for India’s FMCG sector
A completed transaction would be another example of established consumer companies exploring acquisitions to strengthen their position in newer product categories. Rather than relying only on internal product development, FMCG groups can use stakes or acquisitions to gain exposure to brands that have already established consumer recognition.
For Farmley, the right strategic partner could provide resources to expand distribution, improve sourcing, invest in manufacturing or introduce products to new customer segments. But an acquisition does not automatically guarantee that the brand will grow faster or become more profitable.
The outcome would depend on integration decisions, the degree of operational independence retained by Farmley, and the buyer’s ability to preserve the characteristics that attracted consumers to the brand.
For the selling investors, the process could provide an exit or partial liquidity after several years of supporting the business. For the founders, the decision involves a different trade-off: selling shares could create liquidity while potentially reducing their ownership or control, depending on the final structure.
The Bigger Picture
The reported Farmley sale process highlights the changing strategy of India’s FMCG sector. Large companies are looking beyond their traditional product categories and assessing digital-first brands that have built a consumer base in areas such as nuts, dry fruits and healthier snacks. Farmley’s reported revenue growth and online-heavy distribution model help explain the interest, but its long-term value will depend on profitability, customer retention and the economics of scaling.
The potential ₹2,000-crore valuation also illustrates the importance of distinguishing a reported deal value from a completed transaction. The early investors are seeking an exit, but the founders’ participation, the final bid price and the identity of any successful buyer remain unresolved. The process could result in a minority investment, a majority sale or no transaction at all.
Looking Ahead
The next milestone is the expected submission of preliminary bids by the end of October 2026. Those bids should provide a clearer indication of buyer interest, proposed valuations and the potential ownership structure, although non-binding offers can change during due diligence and negotiations.
Until a formal agreement is announced, Emami, ITC, Britannia and Orkla India should be described as reported prospective buyers rather than confirmed acquirers. The transaction’s eventual significance will depend on whether a buyer emerges, how much equity changes hands and whether Farmley can convert its revenue growth into a durable and profitable consumer business.
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