Fast-moving consumer goods company Marico Ltd said Wednesday it has agreed to acquire a majority stake in plant-based protein supplements maker Cosmix Wellness Pvt Ltd at an equity valuation of around Rs 375 crore.
Mumbai-listed Marico will buy a 60% stake in Cosmix for Rs 225.67 crore (about $25 million) from the company’s founders, the company said in a stock-exchange filing.
Bengaluru-headquartered Cosmix was founded as a bootstrapped startup in 2019 by husband-wife duo Vibha Harish and Soorya Jagadish. They will retain the remaining 40% stake and continue to lead the business, Marico said. Marico also said it has the right to buy the remaining 40% stake after the end of 2028-29 at a price “to be determined at such time, subject to achievement of certain milestones”.
The Mariwala family-promoted Marico said that the acquisition is in line with its “strategic priorities” and that it will expand its presence in premium food and nutrition categories by adding a digital-first functional wellness brand with a distinct and compelling proposition in its portfolio.
Cosmix offers a range of plant-based protein powders, fermented yeast protein powders, functional superfood blends and recently launched functional foods like plant-protein pancake mixes and plant-protein bars. It posted revenue of Rs 50.91 crore in FY25, up from Rs 24.32 crore in the previous financial year.
The Cosmix founders said that they see “incredible synergies” in R&D, manufacturing and other areas. “Together, we’ll continue building one of India’s most loved, ethical, and trusted wellness brands,” they said.
Saugata Gupta, MD and CEO of Marico, said the company foresees “immense potential” in the wellness and plant‑based nutrition space. “Cosmix has already demonstrated deep consumer resonance with its best-in-class, innovative offerings,” he said.