Feb 4 (Reuters) - Indian consumer firm Marico said on Wednesday that it will buy a 60% stake in homegrown brand Cosmix Wellness for 2.26 billion rupees ($25 million), as it bets on growing protein demand in the country.
The deal values Cosmix at 3.75 billion rupees, and Marico will have the right to acquire the remaining stake in the company after fiscal year 2029.
Founded in 2019, Cosmix offers plant-based protein supplements among others wellness offerings.
Marico, known for its Saffola brand of cooking oil and Parachute hair oil, has been increasing its focus on digital-first brands to appeal to India's young and increasingly online consumer base.
The deal comes at a time when major consumer firms, including Amul and McDonald's India operator Westlife Foodworld, are stepping up efforts to provide more protein-rich offerings in a large vegetarian market.
($1 = 90.4490 Indian rupees)
(Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema)
