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Marico acquires 60% stake in D2C nutrition startup Cosmix

EntrackrEntrackr · 2d ago
Marico acquires 60% stake in D2C nutrition startup Cosmix
Medial

Marico acquires 60% stake in D2C nutrition startup Cosmix Mumbai-based multinational consumer goods company Marico has acquired a 60% majority stake in Cosmix, a startup that sells plant-based protein supplements, at an equity valuation of Rs 375 crore. With this deal, Marico expands its D2C presence by adding another brand. The acquisition brings a protein-focused brand into Marico’s D2C portfolio. Founded in 2019, Cosmix operates as a digital-first nutrition brand with a focus on plant-based protein and wellness products. The startup sells primarily through its own website and online marketplaces. Cosmix has remained profitable since inception and reported revenue of around Rs 50 crore in FY25, compared to Rs 24 crore in FY24. According to the company, it has scaled to an ARR of Rs 100 crore. Marico has been actively acquiring and scaling D2C brands over the past few years. In 2017, it acquired men’s grooming brand Beardo. As per TheKredible, Beardo’s revenue crossed Rs 200 crore in FY25, while its profit increased 3.6 times on a year-on-year basis. Apart from Beardo, Marico’s D2C portfolio includes brands such as Plix, True Elements, and Just Herbs. The development follows a similar move in the FMCG sector, where Hindustan Unilever Limited (HUL) acquired homegrown skincare brand Minimalist last year at a pre-money valuation of Rs 2,955 crore.

Cosmix by the numbers: What Marico gets in its latest D2C acquisition

EntrackrEntrackr · 2d ago
Cosmix by the numbers: What Marico gets in its latest D2C acquisition
Medial

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. 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. 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 acquisition over the years, when it is a large firm acquiring a startup.

Nutrition brand Earthful raises seed round

EntrackrEntrackr · 11m ago
Nutrition brand Earthful raises seed round
Medial

Nutrition brand Earthful raises seed round Plant-based nutrition brand Earthful has raised Rs 5 crore in a seed funding round led by Srinivasan Namala. The Company has raised over $1 million till date in funding including the current investment. The funds will be deployed for research and development of new products and strengthening brand presence, Earthful said in a press release. Co-founded in 2020 by Veda Gogineni and Sai Sudha G., Earthful is a clean, plant-based nutrition brand dedicated to offering 100% natural supplements, free from chemicals and additives. The company focuses on science-backed formulations and provides multivitamins designed to fill daily nutrition gaps across different age groups, along with targeted solutions for Skin, Hair, Sleep, and PCOS. The product range includes plant-based proteins and a junk free, natural Kids’ chocolaty milk mix powder. The Hyderabad based company states that it creates a 100% natural supplement specifically designed for menopausal women. It claims to have 1 lakh customers and 70-80% of sales coming directly from its website. The company’s products are also available on major e-commerce and quick-commerce platforms like Amazon, Flipkart, and Swiggy Instamart. Rooted in science and powered by nature, it aims to redefine everyday nutrition making it clean, effective, and accessible to all. According to Earthful, it has recently launched Japanese Matcha, Coffee Mocha protein flavors, all completely natural and free from additives and preservatives. The company has also introduced a Kids’ Milk Mix powder, a nutritious blend of millets, plant-based protein, calcium, and Vitamin D3 made with real cocoa. In the last 12 months, Earthful says that it has witnessed 3x growth, reaching over 1 lakh customers with a strong 40-50% repeat purchase rate and currently at Rs 15 crore annual revenue run rate. The company is also set to expand into offline retail, making its products more accessible to consumers across India. It competes with the other major brands in this space such as Herbalife, Himalaya, Nutrilite, Dabur, amongst others.

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