Warburg set to buy Seacod-maker Universal NutriScience for Rs 2800 crore

Mumbai: Warburg Pincus has emerged as the frontrunner to acquire Universal NutriScience (UNS), maker of India’s leading cod liver oil capsule brand Seacod, for 2,700-2,800 crore, said people aware of the development.

The proposed deal underscores the growing interest of private equity firms in capitalising on the popularity and consumer focus on supplements, preventive health, personalised nutrition, healthy ageing and other wellness remedies — assets that are also in the sights of food, consumer and pharmaceutical majors.

All the existing investors in UNS — Kedaara Capital, the founding Tannan family and minority shareholders — will exit via the transaction, as Warburg Pincus is looking to make its fourth acquisition in India’s health sector in as many months.


The US fund, among the earliest PE investors in the country, trumped bids from ChrysCapital, Procter & Gamble and TA Associates, which submitted firm offers earlier this month, as well as Haleon, erstwhile the consumer health division of GlaxoSmithKline, the people said.

Pharma Platform Plan

A formal announcement is expected in the coming days, they said on the condition of anonymity, as the discussions are still in the private domain.

A Warburg Pincus spokesperson declined to comment. Kedaara Capital and the Tannan family were unreachable for comment.

UNS was established in 2021 as a strategic partnership between Kedaara Capital and Universal Medicare, following their acquisition of 16 nutraceutical brands from Sanofi India for ₹587 crore. The portfolio included established brands such as Seacod, ECod, CoQ, Primosa and Collaflex, along with a significant part of the marketing and distribution workforce associated with the brands. The company expects its revenue to touch Rs 340 crore in fiscal 2027, with Ebitda of around Rs 110 crore.

ET in March reported Kedaara’s decision to sell UNS and hiring investment bank Rothschild to manage the sale. The Mumbai-based private equity firm is expected to make a fivefold rupee return on this five-year investment.

Warburg Pincus has been looking to build a scaled domestic pharmaceuticals platform in India by stitching together small and midsize companies to tap into the country’s growing branded formulations market. The strategy involves creating a pharma platform after acquiring a string of assets across complementary segments, particularly women’s health, orthopaedics and other specialty therapies. Integrace Health, a specialty formulations company focused on orthopaedics and gynaecology, was the latest addition to this strategy, following two previous acquisitions: Koye Pharma and the non-TB portfolio of Maneesh Pharmaceuticals.

Rehan Khan, an industry veteran and former managing director of MSD and Abbott India, joined Integrace Health as chief executive officer and will drive this pharmaceutical platform. UNS’ presence in the women’s healthcare and orthopaedic segments is complementary to Warburg’s existing portfolio.

Both Warburg and Kedaara have been active investors in the space, with Warburg’s investments spanning Metropolis, Laurus Labs, MedPlus, Meril Life Sciences and Appasamy Associates. Homegrown Kedaara’s bets have included ASG Eyecare, AMI Lifesciences, Oliva Hair & Skin Clinic, Vijaya Diagnostics and Oasis Fertility.

The nutraceutical industry in India is witnessing rapid growth, supported by rising health awareness among consumers, increasing concerns around lifestyle diseases and lack of adequate nutrition. This growth is further fuelled by the expansion of digital platforms and ecommerce, as well as supportive government policies and initiatives. According to a report by Care Ratings, India’s nutraceutical market was valued at around $29-30 billion in 2024 and is expected to expand to nearly $55–$57 billion by 2030, reflecting a CAGR of 10.50%.

Around the world, the supplements sector has seen a scramble for consolidation, with billion-dollar buyouts and strategic investments by pharmaceutical, PE and consumer goods companies that are increasingly expanding into preventive healthcare and wellness.

Mumbai-based UNS counts Kapiva, The Stack, Ace Blend and Plix as some of its domestic peers.

Last month, Bain Capital acquired the UK’s top vitamin and supplement maker, Vitabiotics, at a $900 million valuation. Around the same time, Procter & Gamble agreed to a $3.8 billion deal to acquire supplements maker Thorne, delivering an outsized return for LVMH-backed private equity group L Catterton less than three years after it bought the company. Also in 2026, USV acquired a 79% stake in Wellbeing Nutrition at a valuation of about ₹1,583 crore, giving early investors Fireside Ventures and Hindustan Unilever, which together held around 40% of the company, one of their largest exits in the segment. Hindustan Unilever acquired the remaining 49% stake in plant-based nutrition brand OZiva, valuing the D2C company at about Rs 1,682 crore. Consumer goods major Marico acquired a 60% stake in plant-based protein startup Cosmix at an equity valuation of Rs 375 crore.

India’s pharma market is growing at about 10% annually, achieving an industry size of ₹2.45 lakh crore as of March 2026 on a moving-average-turnover basis, according to market tracker PharmaTrac.