FMCG major Marico acquires plant-based protein supplements brand Cosmix

FMCG major Marico has acquired a 60% stake in Cosmix, a digital-first startup focused on plant-based protein supplements, for Rs 225.67 crore.

The remaining 40% stake will be acquired over the next three years, valuing the seven-year-old brand at around Rs 375 crore.

The deal values Cosmix at roughly 3.7 times its current revenue. Bengaluru-based Cosmix reported revenue of Rs 25 crore in FY24, which doubled to Rs 50 crore in FY25. The company is expected to double its top line again and close FY26 at around Rs 100 crore. Cosmix has remained profitable since inception and operates primarily through its own website and online marketplaces.

Saugata Gupta, MD and CEO of Marico, said the investment adds a differentiated brand to the company’s digital-first portfolio and strengthens its presence in the fast-growing wellness and plant-based nutrition segment.

“We foresee immense potential in the wellness and plant-based nutrition space,” Gupta said, adding that Marico plans to expand Cosmix into adjacent wellness categories and scale the brand sustainably.

Founded in 2019 by husband-and-wife duo Soorya Jagadish and Vibha Harish, Cosmix was initially bootstrapped with a personal investment of Rs 20 lakh. Vibha Harish told Moneycontrol that while other options were available, discussions with Marico aligned best with the founders’ long-term vision. The Rainmaker Group acted as the exclusive advisor to Cosmix on the transaction.

Marico has been actively building a portfolio of digital-first brands through acquisitions. Its D2C brands include Beardo, Plix, True Elements and Just Herbs, which together reported cumulative revenues of about Rs 900 crore as of Q1 FY26. The company has said it aims to scale this portfolio to Rs 2,000-2,500 crore in revenue over the next three years, using a mix of organic growth and acquisitions.