Marico adds Cosmix to digital brands portfolio in Rs 225.67 Cr deal

Consumer goods major Marico said on Wednesday that it has entered into definitive agreements to acquire a 60% stake in plant-based nutrition brand Cosmix for Rs 225.67 crore.

The deal values the digital-first brand at approximately Rs 375 crore. The acquisition, to be executed through a secondary buy-out, is expected to be completed within 30 days. Under the terms of the agreement, Marico also retains the right to acquire the remaining stake in Cosmix Wellness after the completion of fiscal year 2029, subject to the achievement of specific performance milestones.

Founded in 2019 by Vibha Harish and Soorya Jagadish, Cosmix specialises in plant-based proteins and superfood blends. The brand has reported rapid scaling, reaching an Annualised Revenue Run-rate (ARR) of about Rs 100 crore based on its performance from August 2025 to January 2026. For the full fiscal year 2024-25, the company recorded a turnover of Rs 50.93 crore.

"For us as founders, what mattered even more than financial support is that we're able to get some support in logistics, manufacturing, or R&D, etc.," Harish told YourStory. The brand received significant interest during fundraising; however, a strategic partner with operational expertise would be a critical "nourishment" for the brand for its long-term survival, added Harish.

The company remained entirely bootstrapped with no external investors after a Shark Tank deal did not materialise. The founders are expected to continue leading the business, with the contract being "open-ended" regarding their continued association with the brand.

It sells, primarily through its D2C channel, protein powders, gut health supplements, and plant-based remedies for a host of hair and skin problems. The company hit the jackpot after finding strong product market fit with plant-protein powders, which account for a majority of its revenues.

"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, and Cosmix has already demonstrated deep consumer resonance with its best-in-class, innovative offerings," shared Saugata Gupta, MD and CEO, Marico Limited, in a press note.

In June 2025, CEO Saugata Gupta emphasised that Marico’s acquisition philosophy favours founders who "build to last" rather than "build to sell," preferring a model where founders retain skin in the game for several years post-acquisition. By November 2025, Marico's existing digital brands had already crossed the Rs 1,000 crore annual recurring revenue mark.

While Marico already competes in the plant-based space via Plix, Harish dismissed concerns regarding internal competition, stating that the portfolios remain distinct and that "more people doing good work" in the sector is beneficial for the category.

The acquisition aligns with Marico’s broader strategy to build a digital-first portfolio, which already includes brands like Plix, True Elements, Beardo, and Just Herbs.

Last month, it acquired PVR-owned Popcorn brand 4700BC in a Rs 226 crore deal. These acquisition supports Marico's long-term goal to have its diversified portfolio, driven by food and premium personal care, contribute at least 25% of its overall India business by 2028. The company is currently aiming to double its total revenue to Rs 20,000 crore by 2030.

Cosmix plans to use the partnership to broaden its footprint in adjacent wellness and nutraceutical categories and strengthen its multi-channel distribution.