From Jaipur to Jackpot: How two brothers turned skincare into a Rs 2,955 crore prize
FMCG behemoth Hindustan Unilever's purchase of a 90.5% stake in homegrown skincare brand Minimalist is one for startup history books. Find out why.
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In a striking testament to India's digital entrepreneurship, Hindustan Unilever (HUL) has acquired a 90.5% stake in Minimalist, a skincare brand founded by brothers Mohit and Rahul Yadav in 2020.
The Jaipur-born entrepreneurs' journey is marked by unexpected turns. Mohit Yadav, a chartered accountant who never initially aspired to entrepreneurship, was once set for a global career with Credit Suisse in Hong Kong in 2006. His desire to stay close to his brother Rahul, an IIT-Roorkee graduate, guided his professional decisions.
Their entrepreneurial path included early ventures like Scopial.com, an innovative t-shirt platform that evolved into Mango Street, which was later acquired by Hushbabies. Between 2013 and 2017, both brothers worked at CarDekho, with Mohit serving as vice-president and Rahul as Director of Products.
Their previous startup, Freewill, struggled with scalability but provided crucial learning experiences. In 2020, they launched Minimalist, leveraging Rahul's chemistry background to create scientifically formulated skincare products.
The startup's meteoric rise is evident in its financials: Minimalist doubled its profit to Rs 10.83 crore in fiscal year 2024 and expanded revenue to Rs 347 crore. It became the only skincare startup to register a profit that year.
HUL's Rs 2,955 crore acquisition represents more than a transaction—it's a strategic entry into the digital-first beauty market. The deal will net the Yadav brothers approximately Rs 1,600 crore, with investors like PeakXV Partners also realizing significant returns.
As entrepreneur Chirag Taneja noted, HUL isn't just purchasing a product line, but acquiring a brand with a sharp understanding of modern consumer dynamics and a proven growth strategy. According to the GoKwik co-founder, "With this Rs 2,955 crore all-cash deal, HUL has made a smart move. They’re not just buying a product line; they’re buying into Minimalist’s sharp understanding of today’s customer, its loyal community, and its proven playbook for growth".
