Marico Acquires 60% Stake in Cosmix for ₹225.67 Crore

Marico Limited has signed definitive agreements to acquire a 60% stake in Cosmix for ₹225.67 crore, valuing the digital-first functional wellness business at approximately ₹375 crore. The transaction adds a plant-based nutrition brand to Marico's premium food and nutrition portfolio and gives it a majority interest in a business that reported ₹50.93 crore of revenue in FY25.

Why is Marico acquiring a majority stake in Cosmix?

Marico is acquiring Cosmix to expand its presence in premium food, nutrition and wellness categories, where the company sees room for growth in plant-based products and nutraceuticals. Cosmix sells plant-based protein powders, fermented yeast protein powders and functional superfood blends, along with newer functional-food products such as plant-protein pancake mixes and protein bars.

The acquisition reflects Marico's effort to build a larger portfolio of digital-first consumer brands. The company said its digital brands have crossed ₹1,000 crore in annual recurring revenue, while it has identified food and premium personal care as segments that could contribute 25% of its India revenue over time.

Cosmix was founded in 2019 by Vibha Harish and Soorya Jagadish. The company has been bootstrapped and profitable since inception, according to the information disclosed around the transaction. Its founders will retain the remaining 40% stake after Marico's initial acquisition.

Saugata Gupta, Managing Director and Chief Executive Officer of Marico, said the investment brings a differentiated brand into its digital-first portfolio. He cited the potential in wellness and plant-based nutrition, as well as Cosmix's consumer acceptance and product offerings.

What are the terms of the Cosmix transaction?

Marico has agreed to buy 60% of Cosmix's paid-up share capital for an aggregate consideration of ₹225.67 crore through a secondary buyout. At the stated equity valuation of about ₹375 crore, the deal will make Cosmix a subsidiary of Marico.

The company has retained the right to acquire the remaining 40% stake after the completion of FY29. The consideration for that potential purchase will be determined then and is subject to performance milestones, approvals and conditions set out in the definitive agreements.

The transaction was disclosed in early February 2026, with filings stating that the acquisition was subject to customary closing conditions. Marico's filing dated February 5, 2026 also described Cosmix as a subsidiary following the acquisition.

How will Marico support Cosmix after the deal?

Marico intends to support Cosmix's profitable growth, expansion into adjacent nutraceutical and wellness categories, and wider multi-channel distribution. The identified channels include direct-to-consumer sales, e-commerce, quick commerce and offline retail.

Cosmix has built its business as a digital-first brand. However, founder Vibha Harish said the company is not immediately looking to enter offline retail and will remain focused on its digital-first strategy. This indicates that any broader offline push is not an immediate operating priority for the brand.

The company is reported to be scaling towards around ₹100 crore in annual recurring revenue over the last six months, while maintaining a high-teen EBITDA margin profile. These operating metrics are relevant to Marico because the transaction combines a profitable niche wellness business with the larger FMCG company's distribution, category-management and portfolio capabilities.

For customers, the immediate product focus remains plant-based nutrition and functional wellness. The stated range includes protein powders and superfood blends, while newer food formats such as pancake mixes and protein bars broaden Cosmix's offering beyond supplements.

What does the acquisition mean for Marico and investors?

The acquisition gives Marico a majority position in a specialist consumer-health brand rather than creating a wholly owned business immediately. The deferred right to buy the balance after FY29 links full ownership to future performance milestones, allowing Marico to retain flexibility on the final 40% purchase.

For investors, the disclosed transaction value provides a reference point for Marico's investment in the premium nutrition segment. The ₹375 crore valuation is about 7.4 times Cosmix's reported FY25 revenue of ₹50.93 crore, based on the figures disclosed. This calculation is a revenue multiple and does not account for profitability, growth, cash flow or the future terms for the remaining stake.

The deal also follows Marico's purchase of premium snacking brand 4700BC from PVR INOX. Together, these transactions show Marico adding brands in food categories beyond its established FMCG portfolio. The company has stated that the Cosmix transaction will strengthen its position in premium food and nutrition.

The wider sector backdrop is a growing consumer interest in protein, plant-based nutrition and functional food products. Marico's approach is to acquire a business that already has a digital-first customer base and then provide resources for measured expansion, rather than build the brand internally from the start.

Conclusion

Marico's ₹225.67 crore purchase of a 60% stake in Cosmix gives the FMCG company control of a profitable digital-first brand operating in plant-based nutrition and functional wellness. The deal values Cosmix at approximately ₹375 crore and extends Marico's portfolio into protein supplements, superfood blends and functional foods.

The next material point to watch is Cosmix's execution on profitable growth and its planned expansion across direct-to-consumer, e-commerce, quick-commerce and potentially offline channels. Investors will also track the performance milestones and terms that could determine Marico's purchase of the remaining 40% stake after FY29.