Marico Acquires Cosmix Wellness in a ₹375 Crore Deal

Marico Strengthens Wellness Portfolio with Majority Stake in Cosmix

Marico Limited, a leading fast-moving consumer goods (FMCG) company, has announced the acquisition of a 60% majority stake in Cosmix Wellness Private Limited. The all-cash deal, valued at ₹225.67 crore, places the equity valuation of the digital-first wellness brand at approximately ₹375 crore. This strategic investment marks a significant step in Marico's ongoing efforts to diversify its product portfolio and solidify its presence in the rapidly expanding health and wellness sector in India. The acquisition is designed to leverage Cosmix's strong digital presence and innovative product line to capture a larger share of the premium nutrition market.

Understanding the Transaction Details

The agreement outlines Marico's acquisition of a 60% stake in Cosmix's paid-up share capital. The deal structure includes a provision for Marico to acquire the remaining 40% stake after the completion of the 2029 fiscal year. This future acquisition is contingent upon Cosmix achieving certain performance-based milestones, ensuring alignment and sustained growth. The founders of Cosmix, Vibha Harish and Soorya Jagadish, will retain their remaining stake and continue to lead the company's day-to-day operations, ensuring continuity in vision and brand ethos while benefiting from Marico's extensive resources.

A Profile of Cosmix Wellness

Founded in 2019 by the husband-wife duo Vibha Harish and Soorya Jagadish, Cosmix has established itself as a prominent brand in the functional wellness space. The company was bootstrapped with an initial personal investment and has been profitable since its early months of operation. Cosmix operates on a digital-first model, primarily selling through its direct-to-consumer (D2C) website and major online marketplaces. The brand is built on a mission to promote holistic health through clean, plant-based formulations and sustainable sourcing, resonating strongly with health-conscious consumers.

Innovative Product Line and Market Position

Cosmix specializes in a range of vegan, gut-friendly, and plant-based nutrition products. Its core offerings include plant-based protein powders, fermented yeast protein, and functional superfood blends designed to address specific health needs like gut health, sleep, and immunity. Recently, the brand expanded its portfolio to include functional foods such as plant-protein pancake mixes and protein bars. This innovative product development has allowed Cosmix to build a loyal customer base and achieve a strong position in the competitive online plant protein category.

A Trajectory of Impressive Financial Growth

Cosmix has demonstrated remarkable financial traction since its inception. The company's turnover has grown exponentially, reflecting strong consumer demand and effective business strategy. This rapid growth trajectory was a key factor in attracting Marico's investment. The brand's sustainable high-teen EBITDA margin profile further underscores its operational efficiency and strong market positioning.

As of January 2026, Cosmix achieved an Annual Recurring Revenue (ARR) of approximately ₹100 crore, indicating significant growth acceleration in recent months.

Marico's Strategic Rationale

This acquisition aligns perfectly with Marico's strategy to build a robust portfolio of digital-first brands. The company has been actively investing in D2C brands to tap into new consumer segments and evolving preferences. Cosmix joins Marico's growing list of digital acquisitions, which includes brands like Plix, True Elements, Beardo, and Just Herbs. By integrating Cosmix, Marico gains a strong foothold in the high-margin plant-based nutrition and wellness market, a category with immense growth potential driven by increasing health awareness among Indian consumers.

Leadership Vision for the Future

Saugata Gupta, Managing Director and CEO of Marico, expressed confidence in the partnership, stating, “The investment in Cosmix brings another strong and differentiated brand into our digital-first portfolio. We foresee immense potential in the wellness and plant‑based nutrition space.”

The founders of Cosmix, Vibha Harish and Soorya Jagadish, also highlighted the strategic benefits of the deal. “Partnering with Marico is a defining moment for our mission. We see incredible synergies in R&D, manufacturing and more. Together, we’ll continue building one of India’s most loved, ethical, and trusted wellness brands,” they stated.

Market Outlook and Potential Risks

The functional wellness market is becoming increasingly competitive, but Cosmix's strong brand identity and loyal community provide a solid foundation for future growth. The primary risks associated with the acquisition include the successful integration of Cosmix's agile, digital-first culture with Marico's established corporate structure. Execution risk, particularly in scaling operations and expanding into new categories, remains a key factor to monitor. Furthermore, the final acquisition of the remaining stake depends on achieving future performance targets, adding a layer of conditionality to the long-term plan.

Conclusion

Marico's acquisition of a majority stake in Cosmix Wellness is a strategic move that benefits both companies. For Marico, it provides immediate access to a profitable, high-growth brand in the coveted wellness segment. For Cosmix, the partnership offers the capital, distribution network, and R&D capabilities needed to scale its operations and expand its market reach. This deal underscores a broader trend of consolidation in the D2C space, where established FMCG players are leveraging acquisitions to drive innovation and growth.