French food giant Danone is exploring the possibility of increasing its stake in homegrown dairy and snack brand Epigamia from 30% to a controlling 60% by acquiring the shareholding of Belgian private equity firm Verlinvest, according to people familiar with the matter.
Both Danone Manifesto Ventures—the venture capital arm of Danone—and Verlinvest currently hold roughly 30% each in Epigamia, owned by Drums Food International. The deal, however, is still in its exploratory stages and could be impacted by competing interests from other investors, potentially driving up Epigamia’s valuation beyond the ₹1,250 crore mark it hit in December 2023.
“Negotiations have been revived, but it’s too early to say whether Verlinvest will fully exit or opt for a partial stake dilution,” a source close to the developments said.
Epigamia, founded in 2013 by the late Rohan Mirchandani along with Uday Thakker, Rahul Jain, Ganesh Krishnamoorthy, and Ankur Goel, has emerged as a prominent urban brand in the premium dairy space. Its product portfolio spans over two dozen SKUs, including Greek yogurt, smoothies, desserts, and protein shakes. The company sells across general trade, e-commerce, quick-commerce platforms, and its online store.
In recent years, the brand has attracted a star-studded investor list, including KA Enterprises (backed by actress Deepika Padukone), Cipla heir Samina Vaziralli, actor John Abraham, Fireside Ventures’ Kanwaljit Singh, and Sauce VC’s Manu Chandra.
Epigamia had mandated global investment bank Investec nearly 18 months ago to explore potential buyers, reaching out to large FMCG players like ITC and Dabur, though no deal materialized then due to valuation mismatches.
Verlinvest, the investment arm of the Belgian family behind beer behemoth AB-InBev, has previously backed notable Indian brands like Blue Tokai Coffee, Vita Coco, and Purplle.com, and exited Sula Vineyards last year. If it exists, it would mark another step in rebalancing its Indian portfolio.
Danone’s increased interest comes amid a broader trend of large Indian FMCG firms acquiring health-focused food brands. Recent examples include ITC acquiring Yoga Bar and 24 Mantra Organic, Tata Consumer buying Soulfull and Organic India, and Marico purchasing plant-based nutrition player Satiya Nutraceuticals.
As health and wellness become top priorities for Indian consumers, mid-sized brands like Epigamia are gaining value—and attention—from global and domestic giants alike.