India’s Marico Acquires Majority Stake in Plant-Based Protein Startup Cosmix for $25M

Indian CPG giant Marico has agreed to buy a controlling stake in Cosmix Wellness, a vegan protein and supplements brand that found national fame on Shark Tank, in a deal worth ₹226 crores ($25M).

Protein continues to progress fast in the world’s most populous country, as foodservice and CPG behemoths both take an interest in the booming category.

Marico, the company behind the Parachute hair oil and Saffola cooking oil brands, is the latest to join this list, having signed an agreement to become a majority owner of Bengaluru-based plant-based startup Cosmix Wellness.

The deal will see Marico take up a 60% stake in Cosmix for ₹226 crore ($25M), with the option to acquire the remaining 40% after the 2029 financial year. The transaction is set to be completed in the next 30 days, following which, Cosmix will operate as a subsidiary of the CPG giant.

The seven-year-old startup sells wellness products like plant-based and fermented yeast protein powders, superfood blends, multivitamins, and a range of targeted supplements. The Marico takeover values it at ₹375 crores ($41.5M).

“The investment in Cosmix brings another strong and differentiated brand into our digital-first portfolio,” said Saugata Gupta, CEO and managing director of Marico. “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.”

Cosmix doubles sales with plant-based proteins and supplements

Cosmix was founded by husband-and-wife duo Soorya Jagdish and Vibha Harish, who bootstrapped the startup with ₹20 lakhs (around $28,000 at the time) of their personal savings.

It was one of the earliest yeast protein players in the Indian market, and gained nationwide recognition during the founders’ appearance on Shark Tank India in 2024, where they obtained a ₹1 crore ($120,000) deal from Emcure Pharmaceuticals’ Namita Thapar on a ₹100 crore ($12M) valuation.

Now, Cosmix has a range of products targeting protein and specific micronutrients. Its flagship protein powders come in an array of flavours, and are based on either a blend of rice and pea protein isolates, or gut-boosting yeast protein and pea protein isolate.

The company is a prime example of the Shark Tank effect. In the 2023 financial year, its turnover was just ₹5.4 crores (nearly $600,000 in today’s exchange rates). But this shot up to ₹24.3 crores ($2.7M) in 2024, and then doubled to ₹51 crores ($5.6M) last year. In 2026, the startup is reportedly expecting sales to hit ₹90 crores ($10M).

According to Marico, Cosmix has top-quartile repeat, customer lifetime value, and brand recall metrics, and is the bestseller in the plant protein category across both quick and e-commerce platforms.

In the 2025 financial year, Cosmix recorded a profit of ₹17 crores ($1.8M) and reached an annual recurring revenue rate of ₹100 crores ($11M) via its products, which are sold in select markets in Asia and Africa too.

“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,” Harish and Jagdish said in a statement.

“We see incredible synergies in R&D, manufacturing and more. Seeing such a long, beautiful future for Cosmix makes us incredibly happy. Together, we’ll continue building one of India’s most loved, ethical, and trusted wellness brands.”

Protein at the centre of India’s plates

Following the acquisition, Cosmix will focus on driving accelerated profitable growth and broadening its footprint in adjacent wellness and nutraceutical segments via strategic new products. It will also look to strengthen its multi-channel distribution capabilities, and home in on its brand identity built on innovation and differentiation.

“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,” said Gupta.

The move comes amid a flurry of activity in India’s protein sector. Fellow Shark Tank alum and plant-based nutrition brand Earthful raised $2.9M to support the expansion of its women’s health products, which include clean-label protein powders.

Starbucks has launched a line of cold foams infused with SuperYou’s yeast protein powder, while McDonald’s has rolled out vegetarian slices (made from soy, pea and whey) to add 5g of protein each to any burger.

Likewise, homegrown restaurant group Haldiram’s has added GoodDot’s soya chaap, a local soy-based meat alternative, to its menus across North India and last month, the brand teamed up with Hilton on a month-long plant protein festival across its 32 hotels nationwide.

These developments speak to the shift in how Indians are eating now. Surveys show that 37% of citizens want to add more plant proteins to their diet, and more consumers want to increase their intake of protein from plant-based sources than from animal sources.

Cosmix’s integration into Marico follows a wave of M&A deals in the alternative protein sector over the last couple of years. Since September, over 60 companies in the pace have merged, been acquired, fallen into insolvency, or shut down.

“We see so many synergies with Marico and look forward to learning from years of knowledge and experience they have,” Harish wrote in a LinkedIn post. “They believe in the core of what we’ve built and that’s what we wanted from a partner.”