Hindustan Unilever Limited (HUL) on Wednesday announced it has acquired the premium actives-led beauty brand Minimalist.
HUL will acquire 90.5% stake in the company through a combination of secondary buyouts and primary infusion with a path to acquire the balance stake in two years.
“We are delighted to welcome Minimalist into the HUL family. This acquisition is another key step to grow our Beauty & Wellbeing portfolio in high-growth premium demand spaces. Mohit, Rahul and the team have created a great brand built on science, product efficacy and transparency,” Rohit Jawa, CEO and Managing Director, HUL said.
HUL likely to acquire skincare startup Minimalist in Rs 3,000 crore deal: Report
Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist is one of the fastest growing digital-first brands. Minimalist raised $15 million in a Series A funding round by Sequoia Capital India, with participation from Unilever Ventures. The company has raised $17 million so far. Co-founders Mohit Yadav and Rahul Yadav hold 62 percent of the stake in the company while Peak XV (formerly known as Sequoia Capital) holds 27.9 percent stake.
The Peak XV Partners-backed startup is the fastest-growing direct-to-customer (D2C) brand in the country at present. It’s the only startup in the skincare industry that registered profit in fiscal year 2024.
According to the data, Minimalist doubled its profit to Rs 10.83 crore in FY 24 from Rs 5 crore in FY 23. The company’s revenue from operation surged to Rs 347 crore, up from Rs 184 crore in FY 23.
Available on e-commerce platforms like Nykaa, Flipkart, Amazon, Myntra, and others, Minimalist has doubled its advertising expenses to Rs 117 crore in FY 24 from Rs 65 crore in FY 23.