Marico has strengthened its direct-to-consumer (D2C) portfolio by acquiring a 60% majority stake in Cosmix, a Mumbai-based digital-first nutrition startup focused on plant-based protein and wellness products. The deal values Cosmix at an equity valuation of ₹375 crore, marking Marico’s latest push into the fast-growing health and nutrition segment.

Founded in 2019, Cosmix has carved out a niche in the premium plant-based nutrition space, catering to consumers seeking clean-label, vegan protein supplements and wellness solutions. The brand operates primarily through its own website and leading online marketplaces, enabling it to build a strong digital-first relationship with customers. Despite being a relatively young startup, Cosmix has remained profitable since inception—a rarity in the D2C ecosystem.

Financially, the company has demonstrated strong momentum. Cosmix reported revenues of around ₹50 crore in FY25, more than doubling from ₹24 crore in FY24. It has also scaled to an annual recurring revenue (ARR) of ₹100 crore, underlining sustained demand and effective brand positioning in a competitive market.

For Marico, the acquisition aligns with its broader strategy of building a diversified D2C portfolio beyond its traditional FMCG strongholds. The addition of Cosmix brings a protein-led, wellness-focused brand into the fold, complementing Marico’s existing digital brands such as Plix, True Elements, Just Herbs, and men’s grooming brand Beardo.

Marico’s D2C journey began in earnest with the acquisition of Beardo in 2017. Since then, Beardo has emerged as a strong growth engine, crossing ₹200 crore in revenue in FY25, with profits rising 3.6 times year-on-year, according to TheKredible. The Cosmix deal reinforces Marico’s playbook of acquiring scalable, founder-led digital brands and accelerating their growth using its distribution, marketing, and operational expertise.

The move mirrors a broader FMCG trend, following Hindustan Unilever Limited’s acquisition of skincare brand Minimalist last year at a pre-money valuation of ₹2,955 crore, highlighting growing competition among incumbents to capture India’s D2C opportunity.