A Strategic Majority Stake (Image Credits: Unsplash)
India – Fast-moving consumer goods leader Marico Limited has acquired a controlling 60% stake in plant-based nutrition firm Cosmix Wellness, marking its latest move in the burgeoning wellness market.[1][2]
A Strategic Majority Stake
The deal, valued at Rs 2.25 billion or about $25 million, gives Marico majority ownership in Cosmix.[1] Marico retains an option to purchase the remaining shares after Cosmix completes its 2029 financial year. This transaction underscores Marico’s commitment to scaling its presence in premium nutrition segments.
Cosmix, known for its protein powders, pancake mixes, and bars, fits neatly into Marico’s digital-first brands portfolio. The acquisition follows a period of robust growth for Marico’s food division, which saw revenues exceed Rs 9 billion in the 2024-25 fiscal year, a 44% increase year-over-year.[1]
Marico’s M&A Momentum Builds
Marico has pursued an aggressive acquisition strategy to diversify beyond its core personal care products. Just last month, the company bought over 90% of Zea Maize, the firm behind the popular 4700BC snacks brand. This pattern highlights Marico’s hunger for opportunities in health-focused foods.[1]
The firm’s total operational revenue reached Rs 108.31 billion in 2024-25, up 12% from the previous year. Food remains a smaller but fast-growing segment. Marico also ventured internationally, investing Rs 2.61 billion in Vietnam’s Skinetiq for its Candid skincare brand. These moves signal a broader push into wellness and emerging markets.
- 90%+ stake in Zea Maize (snacks)
- Rs 2.61bn investment in Skinetiq (skincare, Vietnam)
- 60% stake in Cosmix (plant-based nutrition)
Cosmix: A Bootstrapped Success Story
Founded in 2019 by Vibha Harish and Soorya Jagadish, Cosmix Wellness has operated profitably since inception without external funding. The company scaled to significant annual recurring revenue while maintaining high-teen EBITDA margins. Its products emphasize clean ingredients and plant-based innovation, appealing to health-conscious consumers.[1]
The founders expressed enthusiasm for the partnership. “We started Cosmix to champion clean ingredients and honest communication – creating the kind of wellness products we wanted for ourselves and our community,” they stated. “Partnering with Marico is a defining moment for that mission. We see incredible synergies in R&D, manufacturing and more.”[1]
Unlocking Growth in Plant-Based Wellness
Marico’s managing director and CEO, Saugata Gupta, highlighted the strategic fit. The acquisition “brings another strong and differentiated brand into our digital-first portfolio,” he said, noting the “immense potential in the wellness and plant-based nutrition space.”[1] Executives anticipate leveraging shared resources in research, production, and distribution to accelerate Cosmix’s expansion.
This deal positions Marico to capitalize on rising demand for functional foods in India. Plant-based options, in particular, attract a growing demographic prioritizing sustainability and health. The overall FMCG sector witnesses shifting preferences toward premium, nutritious products.
Key Takeaways
- Marico pays Rs 2.25bn for 60% of Cosmix, with option for full control post-2029.
- Cosmix offers plant-based proteins; profitable since 2019 founding.
- Marico’s food revenues surged 44% to over Rs 9bn in FY25.
As Marico integrates Cosmix, the wellness market stands to benefit from enhanced innovation and scale. Investors watch closely for impacts on Marico’s growth trajectory. What do you think this means for India’s nutrition sector? Share your views in the comments.
