Marico acquires majority stake in Cosmix as protein gains prominence in Indian meals

Soorya Jagadish (L) and Vibha Harish (R)

FMCG major Marico has acquired 60 percent in Cosmix, a startup that sells plant-based protein supplements, for Rs 225.67 crore, the companies announced in a joint statement on February 4.

The remaining 40 percent will be acquired over a three-year period. The deal effectively values the seven-year-old startup at around Rs 375 crore.

Moneycontrol was first to report Marico was in talks to acquire Cosmix on December 16.

Saugata Gupta, MD and CEO, Marico Limited, said, “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. Together,

we are committed to accelerating their journey, expanding into relevant adjacent wellness

categories, and building a sustainable, profitable brand that inspires trust and delivers

meaningful value to consumers across India.”

A valuation of Rs 375 crore means the brand is valued at about 3.7X its current revenue. Bengaluru-based Cosmix clocked revenues of Rs 25 crore in FY24 and doubled it to Rs 50 crore in FY25. The company will double its top line again and likely close FY26 at around Rs 100 crore.

The Rainmaker Group (TRMG) was the exclusive advisor to Cosmix on the deal. Kashyap Parikh, Partner at TRMG said “it was one of the fastest M&A deals for TRMG.”

A deal has been signed as an increasing number of Indians look to consume more protein as part of their daily meals to increase strength and build muscles and for general upkeep.

Cosmix, founded in 2019 by husband-wide duo Soorya Jagadish and Vibha Harish, was initially bootstrapped with a personal investment of Rs 20 lakh, Harish told Moneycontrol.

Asked if the couple was happy with the outcome, and the valuations, Harish said: “There were other options on the table but conversations with Marico just clicked. We're very happy (with the valuation).”

Protein becomes popular

Milk brands like Amul, Milky Mist, Akshayakalpa and others have all introduced variants with a higher protein content to appeal to a wider base of consumers. Other brands like iD Fresh Food and Nandini have begun adding protein to dosa batter and other products as consumer demands increase.

During a conference call with analysts in August, Saugata Gupta, Marico CEO and Managing Director, had also conceded protein is an important category. "Now, coming to protein, you have to participate in the category," he said at that time.

Marico’s digital play

Marico, which has acquired at least four direct to consumer (D2C) brands in recent years, and has expressed willingness to acquire more brands and grow its digital-first portfolio.

" ... Foods is (of) interest (to) us, so therefore we will continue to be looking into these acquisitions. Our track record for acquisition has been good. We now have a good playbook. And we also believe that we see ourselves as a strategic investor of choice," CEO and MD Saugata Gupta had told analysts on August 4 last year.

Marico has acquired and grown revenues of brands like Plix, True Elements, Beardo, Just Herbs and more, all of which create a network of digital-first brands that help in cross-selling.

All of these brands have scaled manifolds since they came under Marico's fold.

Marico’s digital businesses, largely consisting of Plix, True Elements, Beardo, Just Herbs, cumulatively had revenues of Rs 900 crore as of Q1FY26, the company said while announcing its quarterly results in August.

The aspiration is to scale the top line to Rs 2,000-2,500 crore over the next three years, Marico said.

Asked if the target would come organically or through acquisitions, CEO Gupta had told analysts that Marico " ... will be happy to acquire some and ensure that this number is definitely achieved or crossed."

Moneycontrol has previously reported on how D2C consolidation results in value creation for FMCG majors and wealth creation for founders, other stakeholders.

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