Marico Limited Signs ₹225.67 Crore Deal for 60% of Cosmix

Marico Limited signed definitive agreements on February 4, 2026, to acquire a 60% stake in Cosmix Wellness Private Limited for ₹225.67 crore, valuing the digital-first functional wellness business at approximately ₹375 crore. The transaction adds plant-based nutrition and functional foods to Marico's premium food and nutrition portfolio.

Why is Marico buying a majority stake in Cosmix?

Marico is buying the stake to expand its presence in premium food, nutrition and digital-first wellness categories. Cosmix Wellness owns the Cosmix brand, which sells plant-based protein powders, fermented yeast protein powders and functional superfood blends. Its range also includes newer functional food products such as plant-protein pancake mixes and plant-protein bars.

The acquisition gives Marico a controlling interest in a business that has operated with a digital-first approach. Marico said Cosmix has a distinct proposition in the functional wellness market and that the investment will bring another differentiated brand into its digital-first portfolio. Cosmix will become a subsidiary of Marico after the transaction.

Cosmix was founded in 2019 by Vibha Harish and Soorya Jagadish. The founders will retain the remaining 40% stake following the majority investment. The company has been bootstrapped and profitable since inception, according to the information disclosed with the deal.

What are the financial terms of the Cosmix transaction?

Marico agreed to pay ₹225.67 crore for 60% of Cosmix Wellness' paid-up share capital, implying an equity valuation of about ₹375 crore. The transaction is structured as a secondary buyout, meaning the consideration is for the acquisition of shares from existing holders rather than a primary capital injection into the company.

Marico has also retained the right to acquire the remaining 40% stake after the completion of FY29. Any such purchase is subject to specified performance milestones, required approvals and the terms of the definitive agreements. The consideration for the balance stake will be determined at that time.

The company indicated that completion was subject to customary closing conditions and was expected within 30 days of the agreement. A February 5, 2026 update stated that the acquisition had been finalised and that Cosmix Wellness had become a Marico subsidiary.

How has Cosmix built its plant-based nutrition business?

Cosmix has focused on plant-based nutrition and functional wellness since its 2019 launch. Its product portfolio spans protein powders, fermented yeast protein and superfood blends, placing the business within the growing nutrition-focused consumer products segment. The brand has also entered functional foods through plant-protein pancake mixes and protein bars.

The company reported FY25 revenue of ₹50.93 crore. It was also stated to be scaling towards around ₹100 crore in annual recurring revenue over the latest six-month period, while maintaining a sustainable high-teen EBITDA margin profile. These figures are relevant because they show both the brand's current scale and its stated emphasis on profitable growth.

Cosmix has primarily operated through digital channels. Its stated route to consumers includes direct-to-consumer sales, e-commerce and quick commerce. Co-founder Vibha Harish said the business was not immediately seeking expansion into offline retail and would remain focused on its digital-first strategy.

How will Marico support Cosmix after the acquisition?

Marico plans to support Cosmix in accelerating profitable growth, entering adjacent nutraceutical and wellness categories, and strengthening distribution across direct-to-consumer, e-commerce, quick commerce and offline retail channels. The stated plan combines Cosmix's existing online presence with Marico's wider operating and distribution capabilities.

Saugata Gupta, Managing Director and Chief Executive Officer of Marico, said the company sees substantial headroom in wellness and plant-based nutrition. He also said Cosmix had demonstrated consumer resonance through its product offerings. Marico's stated objective is to add a differentiated wellness brand to its digital-first portfolio rather than replace Cosmix's core proposition.

The deal follows Marico's broader push into food and premium personal care. The company has said it expects these segments to contribute 25% of its India revenue going forward. It has also stated that its portfolio of digital brands has crossed ₹1,000 crore in annual recurring revenue.

What does the deal mean for investors and the wellness market?

The Cosmix investment extends Marico's exposure to premium nutrition products, a category distinct from its established fast-moving consumer goods portfolio. The deal provides Marico with control of a profitable, digital-first brand while leaving the founders invested in the business through their retained 40% holding.

For investors, the disclosed metrics provide the clearest basis for assessing the transaction. Marico is paying ₹225.67 crore for majority ownership in a company valued at around ₹375 crore, which reported FY25 revenue of ₹50.93 crore and was described as approaching a ₹100 crore annual recurring revenue run-rate over the latest six months. No share-price movement or transaction-related earnings impact was specified in the supplied disclosures.

For the wider industry, the acquisition reflects established FMCG companies' interest in digital-native brands operating in nutrition, functional foods and wellness. Marico's planned multi-channel support could widen Cosmix's access across online and offline formats, although Cosmix has said that its immediate focus remains digital-first.

Conclusion

Marico's ₹225.67 crore purchase of a 60% stake in Cosmix brings a plant-based nutrition and functional wellness business under its control at an implied equity valuation of about ₹375 crore. The transaction aligns with Marico's stated effort to build its premium food, nutrition and digital-first portfolio while retaining Cosmix's founders as minority shareholders.

The next disclosed milestone is Marico's option to acquire the remaining 40% after FY29, subject to performance milestones and approvals. Investors can also track Cosmix's progress towards its stated annual recurring revenue scale, profitability profile and expansion across the distribution channels identified by Marico.