Hindustan Unilever Limited (HUL), a leading player in India’s FMCG sector, is reportedly close to acquiring a majority stake in skincare startup Minimalist for approximately Rs 3,000 crore (over $350 million), according to Moneycontrol.
If finalized, this deal would mark one of the largest acquisitions in India’s direct-to-consumer (D2C) space in recent years.
About Minimalist
Launched in 2020 by co-founders Mohit and Rahul Yadav, Minimalist has gained a strong foothold in the skincare and haircare sectors with its lineup of serums, toners, and moisturizers. Known for its transparency in ingredient sourcing and formulations, the brand primarily drives revenue through sales via its website and e-commerce giants such as Amazon, Nykaa, and Flipkart.
Minimalist reported significant growth in recent years, with revenues increasing to Rs 347 crore in FY24, a substantial jump from Rs 184 crore in FY23. Profits also saw a two-fold rise to Rs 10.83 crore last fiscal year, despite higher marketing spends.
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To date, the brand has raised approximately $17 million. Its Series A round was led by Peak XV Partners (formerly Sequoia Capital), which holds a 27.9% stake in the company. The co-founders retain a 62% majority stake.
HUL has expressed interest in further bolstering its presence in the D2C sector.
This acquisition would follow HUL’s December 2022 purchase of a 51% stake in Oziva, a D2C wellness brand, for Rs 264.28 crore. With the potential acquisition of Minimalist, HUL aims to strengthen its position in the booming D2C skincare market.
Minimalist has not yet issued any statement regarding the reported acquisition.
