Marico just dropped ₹1,012 crore to increase its stake in plant-based nutrition brand Plix to 84%. This pushes Marico’s total investment in Plix past ₹1,700 crore, signaling a serious long-term bet on India’s D2C wellness space. For Marico, it’s a direct challenge to FMCG rivals like ITC and Emami who are also consolidating in the health and personal care categories.
How We Got Here
Marico first bought 37.75% of Mumbai-based Plix for ₹369 crore in July 2023, then added another 25.25% by May 2025. This latest deal is part of an existing agreement to acquire a 38.18% stake from founders and other shareholders, leading to a full buyout by 2027.
The Numbers
- Plix parent’s consolidated revenue nearly doubled from ₹432.84 crore in FY25 to ₹864.31 crore in FY26.
- Marico plans to acquire the final 14.09% stake in Plix by July 2027 for a base consideration of up to ₹592 crore, plus performance-linked payments.
- Plix was founded in 2020 by Akash Zaveri and Rishubh Satiya, offering D2C workout supplements, ingestible sunscreens, and hair growth serums.
- Beyond Plix, Marico also acquired 93.27% of gourmet popcorn brand 4700BC and 60% of plant-based protein startup Cosmix Wellness in 2026.
- Competitor ITC recently acquired the remaining 52.5% of Yoga Bar’s parent Sproutlife Foods for ₹645 crore, while Emami bought 60% of IncNut Digital (Vedix, SkinKraft).
What Happens Next
🇮🇳 Why This Matters for India
For D2C nutrition founders in Bangalore and Pune, Marico's deep pockets and clear path to full acquisition signal that strategic exits are increasingly moving towards outright sales to large FMCG players.
The Take
Marico's aggressive multi-billion rupee outlay for Plix, Cosmix, and 4700BC within a year shows traditional FMCG has moved past dabbling in D2C; they're buying market share directly. Expect the next wave of exits for successful D2C brands to be direct strategic M&A, prioritizing growth over immediate profitability, rather than VC-backed secondary rounds.
Source:
Inc42 ↗