Cosmix by the Numbers: What Marico Gets in Its Latest D2C Acquisition
•February 5, 2026
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Companies Mentioned
Why It Matters
The acquisition signals FMCG giants’ accelerating shift toward online‑native, high‑margin health brands, giving Marico a fast‑growing revenue stream and deeper foothold in the premium supplement market.
Key Takeaways
- •Marico buys 60% of Cosmix for undisclosed sum.
- •Cosmix FY25 revenue rose to ₹50.93 cr, profit ₹8.21 cr.
- •Advertising spend doubled, now 34% of total costs.
- •EBITDA margin reached 22.5% with ROCE near 100%.
- •Acquisition expands Marico’s D2C health‑supplement portfolio.
Pulse Analysis
Marico’s latest move reflects a broader strategic realignment among Indian FMCG leaders, who are increasingly targeting digitally native brands to capture the fast‑growing health‑and‑wellness segment. By securing a majority stake in Cosmix, Marico not only diversifies its product mix but also gains immediate access to a brand that has demonstrated consistent top‑line growth and profitability—attributes that many pure‑play D2C startups struggle to achieve. This acquisition complements Marico’s recent purchase of 4700BC, creating synergies across supply chain, marketing, and distribution channels that can accelerate scale.
Cosmix’s financial profile makes it an attractive addition. Revenue more than doubled year‑on‑year to ₹50.93 crore, while profit surged to ₹8.21 crore, delivering an EBITDA margin of 22.5% and a ROCE close to 100%. Advertising, the largest expense, rose to 34% of total spend but remained proportional to revenue growth, indicating disciplined spend management. The company’s bootstrapped nature and strong cash position (₹4.69 crore) further reduce integration risk, allowing Marico to leverage its extensive logistics and retail network without over‑capitalising the business.
Looking ahead, the success of the Cosmix deal will hinge on Marico’s ability to preserve the startup’s agility while providing the resources needed for rapid expansion. If managed well, Cosmix could serve as a launchpad for new product innovations and cross‑selling opportunities across Marico’s existing D2C brands. Conversely, excessive bureaucratic constraints could dampen the entrepreneurial spirit that drove Cosmix’s growth. The acquisition therefore exemplifies the delicate balance FMCG conglomerates must strike as they integrate nimble digital‑first players into traditional corporate structures.
Cosmix by the numbers: What Marico gets in its latest D2C acquisition
Continuing its acquisition spree, Mumbai-based multinational consumer goods company Marico has announced the purchase of a 60% majority stake in plant-based protein supplements brand Cosmix, shortly after acquiring snacking brand 4700BC. Cosmix more than doubled its operating scale in the fiscal year ended March 2025 while its profit nearly tripled, and has remained profitable since its inception.
With this acquisition, Marico has added another brand to its growing D2C portfolio, which includes plant-based nutrition brand Plix, True Elements, Just Herbs, and men’s grooming brand Beardo.
To understand the financial drivers behind the acquisition, Entrackr analysed Cosmix’s numbers based on its regulatory filings, along with market signals that appear to have reinforced Marico’s conviction.
Cosmix’s revenue from operations more than doubled to Rs 50.93 crore in FY25 from Rs 24.2 crore in FY24. Founded in 2019, Cosmix operates as a digital-first nutrition brand focused on plant-based protein and wellness products, including protein bars, protein pancakes, multivitamins, and immunity boosters. The startup sells its products through its own website and third party online marketplaces.
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Sales of these products were the sole source of Cosmix’s operating revenue in FY25. In addition, the company earned Rs 25 lakh as interest on deposits in the last fiscal, which pushed its total income to Rs 51.18 crore.
Cosmix is a bootstrapped company and claims to have scaled to an ARR (Annual Recurring Revenue) of Rs 100 crore.
Advertising was the largest expense for the D2C firm, accounting for 34% of total expenditure, and doubled year-on-year to Rs 13.52 crore in FY25. The cost of materials was another major expense at Rs 11.2 crore and also doubled during the year, in line with revenue growth.
Importantly, the firm’s employee benefits expenses stood at Rs 3.45 crore in the last fiscal which formed only 8.72% of its total costs. Other overheads including marketplace management, transport and courier charges, service retention fees, and software maintenance pushed total expenses to Rs 39.52 crore in FY25.
The Bengaluru-based company’s revenue growth outpaced its expenses and led its profit to nearly triple to Rs 8.21 crore in FY25 from Rs 2.83 crore in FY24. The seven-year-old firm has remained profitable since inception, unlike most D2C companies.
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Its ROCE and EBITDA margin stood at 99.395 and 22.48%, respectively. On a unit level, Cosmix spent Rs 0.78 to earn a rupee. Its current assets were recorded at Rs 16.45 crore, with cash and bank balances of Rs 4.69 crore at the end of FY25.
Like Marico, several legacy fast-moving consumer goods (FMCG) companies are increasingly acquiring digital-first (D2C) startups to expand into high-growth categories such as health supplements, grooming, and personal care. Hindustan Unilever (HUL) acquired skincare brand Minimalist, ITC has bought healthy snacking company Yoga Bar, VLCC has picked up men’s grooming brand Ustraa, and Emami has acquired The Man Company, which highlights a broader shift by established FMCG players towards premium, online-native brands.
A buy like Cosmix indicates strong conviction at a promoter level or high up in Marico (FY25 revenues of Rs 10,800 crores, PAT of Rs 1,593 crore), considering the relatively small size of the business. It’s not exactly the kind of purchase that will move the stock price either way. Cosmix founders would be expected to leverage Marico’s scale and resources to scale up faster than they would have, besides use their appreciated skills to support other businesses perhaps. One can only hope that Marico will be able to offer the flexibility and space for the Cosmix team to spread out without feeling the constrictions of large firm processes and bureaucracy, an affliction that has laid low expectations from many an acquisitions over the years, when it is a large firm acquiring a startup.
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