Marico Limited has acquired an additional 20% stake in Bengaluru-based Cosmix Wellness Private Limited for ₹113.65 crore, increasing its ownership in the digital-first functional wellness company from 60% to 80%. The transaction, completed on November 6, 2026, strengthens Marico’s position in India’s growing premium nutrition and wellness market.
The acquisition follows Marico’s initial investment in Cosmix in February 2026, when it purchased a 60% stake for ₹225.67 crore. Cosmix reported turnover of ₹91.53 crore in FY26, nearly doubling its previous year’s figure. Marico also retains the right to acquire the remaining 20% after FY29, subject to agreed milestones, approvals and contractual conditions.
Marico Raises Cosmix Wellness Ownership to 80%
Marico disclosed the additional acquisition through a regulatory filing on November 6, 2026. The company paid ₹113.65 crore in cash to acquire another 20% of Cosmix Wellness’ paid-up share capital.
With the transaction completed, Marico’s aggregate holding has increased from 60% to 80%, giving it a larger ownership position in the business.
The acquisition is part of Marico’s strategy to expand its presence in premium food, nutrition and digital-first consumer brands. Cosmix operates in the health and wellness segment through products focused on plant-based nutrition and functional foods.
The transaction details are as follows:
| Transaction detail | Information |
|---|---|
| Acquirer | Marico Limited |
| Target company | Cosmix Wellness Private Limited |
| Additional stake acquired | 20% |
| Previous Marico ownership | 60% |
| New Marico ownership | 80% |
| Cash consideration | ₹113.65 crore |
| Completion date | November 6, 2026 |
| Remaining stake | 20% |
| Future acquisition right | After FY29, subject to conditions |
The latest purchase is a completed transaction rather than a proposed investment. Marico has not disclosed a new standalone valuation for Cosmix as part of this announcement.
How the Cosmix Acquisition Began
Marico first announced its investment in Cosmix Wellness on February 4, 2026.
Under that agreement, the FMCG company acquired 60% of the business for ₹225.67 crore, valuing Cosmix at approximately ₹375 crore on an equity basis.
The transaction was completed on February 5, 2026, making Cosmix Wellness a subsidiary of Marico.
The founders, Vibha Harish and Soorya Jagadish, established Cosmix in 2019. The Bengaluru-based company developed a digital-first business focused on plant-based protein products, functional superfood blends and other wellness offerings.
Marico identified Cosmix as an opportunity to strengthen its portfolio in premium nutrition and expand its digital-first brand presence.
The original agreement also included a provision allowing Marico to acquire the remaining stake after FY29, subject to milestones, approvals and the terms of the definitive agreements.
The November acquisition moves that arrangement forward by increasing Marico’s ownership to 80%.
Cosmix Revenue Nearly Doubles to ₹91.53 Crore in FY26
Cosmix has recorded substantial growth in turnover over the past three financial years.
According to the latest transaction disclosure, the company reported turnover of ₹91.53 crore in FY26, compared with ₹47.25 crore in FY25 and ₹24.32 crore in FY24.
This represents approximately 94% growth in FY26 over the previous financial year.
| Financial year | Cosmix Wellness turnover |
|---|---|
| FY24 | ₹24.32 crore |
| FY25 | ₹47.25 crore |
| FY26 | ₹91.53 crore |
The company has therefore almost doubled its reported turnover in each of the last two financial years.
Marico also disclosed that Cosmix’s annualised revenue run rate based on the last three months exceeded ₹170 crore under Indian Accounting Standards (Ind AS).
An annualised run rate is an estimate based on a recent period’s performance extended over a full year. It should not be treated as actual full-year revenue or a confirmed FY27 result.
The difference between FY26 turnover and the annualised run rate indicates the company’s recent growth momentum, although future performance will depend on whether that pace can be sustained.
What Does Cosmix Sell?
Cosmix operates in India’s functional wellness and plant-based nutrition market.
Its product portfolio includes plant-based protein powders, fermented yeast protein powders and functional superfood blends. The company has also expanded into functional food products such as plant-protein pancake mixes and protein bars.
The brand focuses on vegan and gut-friendly formulations, positioning its products within the premium wellness and nutrition category.
Its digital-first model allows it to reach customers through its own online channels, e-commerce marketplaces and quick-commerce platforms.
Some of its major product categories include:
- Plant-based protein: Protein powders designed for consumers seeking alternatives to conventional dairy-based protein products.
- Fermented yeast protein: Alternative protein formulations using fermented ingredients.
- Superfood blends: Functional nutrition products combining ingredients positioned around everyday wellness.
- Functional foods: Products such as plant-protein pancake mixes and protein bars.
Cosmix’s focus on specialised nutrition gives Marico an opportunity to participate in a category that extends beyond its traditional businesses in haircare, personal care and packaged foods.
Why Marico Is Increasing Its Investment
The additional investment strengthens Marico’s position in the premium nutrition and wellness segment.
India’s consumer market has seen growing interest in protein-rich foods, plant-based nutrition and products positioned around fitness and everyday wellness.
This has encouraged established FMCG companies to expand beyond traditional packaged consumer goods and acquire digital-first brands with specialised product portfolios.
Marico has been building a broader portfolio of digital-first businesses through acquisitions and investments in brands such as Beardo, Just Herbs, True Elements and Plix.
Cosmix adds another business to this portfolio, with a specific focus on plant-based protein and functional nutrition.
The company can potentially benefit from Marico’s experience in manufacturing, distribution, supply-chain management, product development and marketing.
For Marico, increasing ownership to 80% also strengthens its economic participation in Cosmix’s future growth.
However, the company has not disclosed a specific revenue target, integration schedule or financial contribution expected from the additional investment.
Marico Can Acquire the Remaining 20% After FY29
The latest acquisition does not give Marico complete ownership of Cosmix Wellness.
Under the existing arrangement, Marico has the right to acquire the remaining 20% after completion of FY29.
The consideration for this future transaction will be determined at that time. The purchase is subject to certain milestones, requisite approvals and the conditions specified in the definitive agreements.
This means the final acquisition is not automatic and should not be treated as a confirmed future payment.
The arrangement also allows Cosmix’s founders to retain a minority ownership interest for now while continuing to participate in the company’s development.
The remaining stake could eventually provide Marico with an opportunity to take full ownership, depending on the performance milestones and contractual conditions.
What the Deal Means for India’s Digital-First FMCG Market
Marico’s increased ownership of Cosmix reflects a wider trend of established consumer companies acquiring specialised digital-first brands.
Smaller brands often build their initial customer base through online platforms, focused product categories and direct relationships with consumers.
However, expanding these businesses across India can require substantial investment in manufacturing, distribution, retail partnerships and marketing.
Large FMCG companies can provide those capabilities while allowing acquired brands to retain their individual identities.
The strategy also helps established companies enter newer consumer categories without having to build every brand from the beginning.
For Cosmix, Marico’s larger ownership could provide access to additional resources and distribution opportunities. For Marico, the investment expands its exposure to the growing market for functional nutrition and premium wellness products.
The Bigger Picture
Marico’s ₹113.65 crore investment is another step in its strategy to build a diversified portfolio of digital-first consumer brands. By increasing its Cosmix holding to 80%, the company is strengthening its presence in plant-based nutrition and functional wellness while gaining a larger share of a business that has nearly doubled its reported turnover in FY26.
The transaction also highlights the growing interest of established FMCG companies in specialised nutrition brands. However, the long-term value of the investment will depend on Cosmix’s ability to sustain growth, expand distribution and maintain profitability as competition increases in India’s wellness market.
Looking Ahead
Marico will now focus on developing Cosmix as part of its broader food and nutrition portfolio. Investors will watch how the company uses its manufacturing, distribution and marketing capabilities to support the brand’s expansion and whether the recent growth in its annualised revenue run rate translates into sustained full-year performance.
The remaining 20% stake is another potential milestone after FY29. Any further acquisition will depend on the agreed performance milestones, approvals and contractual terms, while the financial consideration will be determined at that stage.
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