Marico plans acquisition of Cosmix in major strategic move

Consumer goods giant Marico has announced plans to acquire a 60% stake in Cosmix, a plant-based nutrition brand, for INR 225.67 crore. The transaction values Cosmix at an estimated INR 375 crore and is set to be executed through a secondary buyout. The deal is expected to close within 30 days, pending customary closing conditions.

As part of the agreement, Marico retains the option to acquire the remaining stake in Cosmix Wellness after the fiscal year 2029, contingent on the achievement of specified performance milestones. This aligns with Marico’s strategic focus on long-term partnerships, as highlighted by CEO Saugata Gupta, who has stated that the company prioritizes acquisitions involving founders committed to sustained business growth over short-term exits.

Rapid growth and founder-driven vision

Founded in 2019 by Vibha Harish and Soorya Jagadish, Cosmix has quickly established itself in the plant-based nutrition market by offering products such as protein powders, gut health supplements, and wellness solutions targeting hair and skin concerns. The company has seen substantial growth, reporting an annualized revenue run rate of approximately INR 100 crore between August 2025 and January 2026. This marks a significant leap from its turnover of INR 50.93 crore for the full financial year 2024–25.

Cosmix has remained fully bootstrapped since its inception, with no external investors involved. A potential funding deal discussed after the brand’s appearance on Shark Tank did not materialize. Under the current agreement, the founders are expected to continue leading the business, with the arrangement described as open-ended regarding their long-term involvement.

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Minimal overlap and growth opportunities

The acquisition reflects Marico’s ongoing efforts to expand its presence in the plant-based nutrition space. While the company already operates in this segment through its brand Plix, Cosmix co-founder Vibha Harish emphasized that the two brands have minimal overlap. "Multiple strong brands can help grow the overall category", she said, underlining the market’s potential for diverse offerings.

Strengthening digital-first portfolio

Marico’s move to bring Cosmix into its fold is part of its broader strategy to enhance its digital-first portfolio, which already includes brands like True Elements, Beardo, Just Herbs, and Plix. The acquisition comes on the heels of Marico’s purchase of the PVR-owned popcorn brand 4700BC last month, a deal valued at INR 226 crore. These strategic actions align with the company’s goal of having its food and premium personal care businesses contribute at least 25% of its India revenues by 2028, as it works toward doubling overall revenue to INR 20,000 crore by 2030.

This acquisition further underscores Marico’s commitment to diversifying its portfolio and tapping into rapidly growing consumer segments, particularly in wellness and nutrition markets. By integrating Cosmix’s offerings with its broader business objectives, Marico aims to solidify its position as a leader in the space while driving long-term value creation.

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About the author

Samson Jagoras

Principal & CEO/CIO

Samson Jagoras has 15+ years across finance, real estate, and business acquisitions. He began his career as a Futures & Commodities broker and later served as Chief Strategy Officer of an INC 500 marketing and technology firm, helping scale revenue from $1M to over $100M. Today he buys, builds, and advises a portfolio of companies with a focus on M&A, capital allocation, and operational strategy.