Marico has strengthened its position in the food and beverage industry by acquiring a 60% stake in the Indian protein-products company, Cosmix Wellness. The Rs 2.25 billion ($25 million) acquisition aims to enhance Marico’s footprint in the premium food and nutrition segments, as noted by the FMCG group.
This strategic move follows Marico’s recent acquisition of over 90% of Zea Maize, the company behind the 4700BC snacks brand, showcasing the firm’s commitment to key food and drink consumer trends.
Founded in 2019 by Vibha Harish and Soorya Jagadish, Cosmix Wellness specializes in plant-based protein powders, pancake mixes, and plant-protein bars. Marico’s Managing Director and CEO, Saugata Gupta, emphasized that this investment integrates a strong and differentiated brand into their digital-first portfolio, underscoring the immense potential within the wellness and plant-based nutrition sectors.
While food constitutes a smaller fraction of Marico’s overall revenues, the company’s food division, particularly under the Saffola brand, reported a substantial revenue increase of 44%, reaching over Rs 9 billion. This uptick indicates Marico’s intent to capitalize on emerging trends in the food and drink business, with a goal of building a more robust presence in the market.
Marico retains the option to acquire the remaining stake in Cosmix Wellness after its 2029 financial year. The company has described Cosmix as “bootstrapped and profitable” since its inception, with an impressive annual recurring revenue of around Rs 100 billion and a sustainable high teen EBITDA margin profile.
In a joint statement, Harish and Jagadish expressed enthusiasm for the partnership, stating: “We started Cosmix to champion clean ingredients and honest communication – creating the kind of wellness products we wanted for ourselves and our community. Partnering with Marico is a defining moment for that mission. We see incredible synergies in R&D, manufacturing, and more.”
In addition to its food ventures, Marico is broadening its horizons by investing Rs 2.61 billion in Skinetiq, which operates in Vietnam’s direct-to-consumer market with its skincare brand, Candid. This diversification signals Marico’s strategic approach to capitalizing on evolving consumer trends within both the food and beverage and personal care sectors.
