HUL likely to acquire skincare startup Minimalist in Rs 3,000 crore deal: Report

Post the acquisition, Minimalist's valuation may surge to Rs 3,000 crore from Rs 650 crore in just three years of span.

By  Storyboard18Jan 3, 2025 6:57 PM
HUL likely to acquire skincare startup Minimalist in Rs 3,000 crore deal: Report
Minimalist doubled its profit to Rs 10.83 crore in FY 24 from Rs 5 crore in FY 23

Hindustan Unilever (HUL) is reportedly planning to acquire Jaipur-based skincare startup brand Minimalist. According to an exclusive report by Moneycontrol, the FMCG giant is likely to acquire Minimalist in a Rs 3,000 crore ($350 million) deal.

HUL already owns well-known brands such as Dove, Lakme, and Lux. Last time, HUL forayed into the ‘Health & Wellbeing’ category through strategic investments in Zywie Ventures Private Limited (OZiva) and Nutritionalab Private Limited (Wellbeing Nutrition).

Post the acquisition, Minimalist's valuation may surge to Rs 3,000 crore from Rs 650 crore in just three years.

Founded in October 2020, 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.


Tags
First Published on Jan 3, 2025 5:22 PM

More from Storyboard18

Brand Makers

Byju’s founders to sue Glas Trust and lenders for $2.5 mn over reputational harm

Byju’s founders to sue Glas Trust and lenders for $2.5 mn over reputational harm

Brand Makers

'Will infuse $10 million, de-subsidiarization is not separation from Nazara,' says Akshat Rathee

'Will infuse $10 million, de-subsidiarization is not separation from Nazara,' says Akshat Rathee

Brand Makers

Larry Ellison, world's second richest man, launches global tech institute with Oxford

Larry Ellison, world's second richest man, launches global tech institute with Oxford

Brand Makers

Shoppers Stop's BS Nagesh resigns after three decades, Nirvik Singh to take the reins

Shoppers Stop's BS Nagesh resigns after three decades, Nirvik Singh to take the reins

Brand Makers

Felix Baumgartner, 'Fearless Felix' who jumped from the edge of space, dies at 56

Felix Baumgartner, 'Fearless Felix' who jumped from the edge of space, dies at 56

Brand Makers

Reliance Retail acquires home appliance firm Kelvinator

Reliance Retail acquires home appliance firm Kelvinator

Brand Makers

EU delays Musk’s X probe amid U.S. trade talks

EU delays Musk’s X probe amid U.S. trade talks

Brand Makers

Flipkart elevates Kanchan Mishra to lead mobiles and qcomm

Flipkart elevates Kanchan Mishra to lead mobiles and qcomm