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D2C brand Minimalist posts Rs 350 Cr revenue in FY24, profits double

EntrackrEntrackr · 1y ago
D2C brand Minimalist posts Rs 350 Cr revenue in FY24, profits double
Medial

Minimalist continues to be one of the strongest stories, and the fastest-growing direct-to-consumer brands in India, with the Jaipur-based startup touching the Rs 350 crore revenue mark. This is a notable 89% year-on-year growth in FY24. Additionally, the four-year-old firm doubled its profit in the last fiscal year. Minimalist’s revenue from operations surged to Rs 347 crore in FY24, up from Rs 184 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies. The company also earned Rs 2.16 crore from non-operating activities, bringing its total revenue to Rs 349.56 crore in FY24. Founded by serial entrepreneurs Mohit and Rahul Yadav, Minimalist is a skin and hair care brand offering products such as serums, toners, and moisturizers. The sale of these products was the sole source of revenue for the brand in the last fiscal year. Minimalist retails through its own website, as well as third-party e-commerce platforms like Amazon, Nykaa, and Flipkart, among others. Like many other D2C skincare and beauty brands, Minimalist allocated a significant portion of its expenditures—35%—to advertising and promotion. These costs nearly doubled, rising to Rs 117 crore in FY24 from Rs 65 crore in FY23. In line with its revenue growth, the cost of materials consumed spiked by 88.1%, reaching Rs 94 crore in FY24 compared to Rs 50 crore in FY23. Additionally, expenses related to employee benefits, distribution (commissions to marketplaces), and transportation surged, contributing to an 84.1% increase in the company’s total costs, which rose to Rs 331 crore in the fiscal year ending March 2024 from Rs 180 crore in FY23. Despite increasing marketing costs, Minimalist achieved over two-fold growth in profits, reaching Rs 10.83 crore in FY24, up from Rs 5 crore in FY23. According to startup data intelligence platform TheKredible, its EBITDA margin and return on capital employed (ROCE) stood at 4% and 9%, respectively. On a per-unit basis, the startup spent Re 0.95 to earn a rupee of operating revenue in the last fiscal year (FY24). Minimalist has raised around $17 million to date, including its Series A round led by Peak XV (formerly Sequoia Capital), which holds a 27.9% stake as the largest external shareholder. Its co-founders, Mohit and Rahul Yadav, together control 62% of the company, as per TheKredible. The startup was last valued at a relatively conservative Rs 565 crore ($75 million), which is approximately 1.6 times its revenue of Rs 347 crore in FY24. As of March 2024, Minimalist had a cash and bank balance of Rs 30.27 crore. While having a focused portfolio we see that in FY24, the firm’s focus has shifted to skincare, from haircare earlier. It’s also time for a fresh fund raise or cost control, which might impact growth going forward. Will a fund raise lead to margin erosion as we have invariably observed? It remains to be seen, although going by Minimalist’s past record it does seem likely that the firm will surprise yet.

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HUL acquires 90.5% stake in Minimalist at Rs 2,955 Cr valuation

EntrackrEntrackr · 1y ago
HUL acquires 90.5% stake in Minimalist at Rs 2,955 Cr valuation
Medial

HUL acquires 90.5% stake in Minimalist at Rs 2,955 Cr valuation Hindustan Unilever Limited (HUL), a fast-moving consumer goods company, has acquired the homegrown skincare brand Minimalist at a pre-money valuation of Rs 2,955 crore (nearly $350 million). The board at HUL has entered into the Share purchase agreement for the acquisition of 90.5% of Minimalist shares at a cash consideration of Rs 2,670 crore (secondary buyout) along with Rs 45 crore as a primary infusion in the company. The transaction is expected to be completed in Q1 of FY 2026 and the remaining 9.5% shareholding of Uprising in about two years from the completion date, the filing sourced from NSE added. This is one of the largest deals in the direct-to-consumer (D2C) space in recent years. Founded by serial entrepreneurs Mohit and Rahul Yadav, Minimalist is a skin and hair care brand offering products such as serums, toners, and moisturizers. The sale of these products was the sole source of revenue for the brand in the last fiscal year. The founder duo will continue to lead the company for next two years. Minimalist's revenue surged to Rs 347 crore in FY24 from Rs 184 crore in FY23. Despite higher marketing costs, profits doubled to Rs 10.83 crore in FY24. According to the company, the business has rapidly scaled to cross an annual revenue runrate (ARR) of Rs 500 crore in a short span of four years. Minimalist has raised $17 million, including a Series A round led by Peak XV, which holds a 27.9% stake. Co-founders Mohit and Rahul Yadav control 62% of the company.

Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr

EntrackrEntrackr · 1y ago
Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr
Medial

Hindustan Unilever in talks to acquire Minimalist for Rs 3,000 Cr Founded by serial entrepreneurs Mohit and Rahul Yadav, Minimalist is a skin and hair care brand offering products such as serums, toners, and moisturizers. Hindustan Unilever Limited (HUL), a fast-moving consumer goods company, is reportedly in advanced discussions to acquire a majority stake in the skincare startup Minimalist for approximately Rs 3,000 crore (more than $350 million). Moneycontrol, which reported the development first, said that it would also be one of the largest deals in the direct-to-consumer (D2C) space in recent years. Minimalist retails through its own website as well as third-party e-commerce platforms like Amazon, Nykaa, and Flipkart, among others. In response to queries from Entrackr, an HUL spokesperson said, “In line with our business strategy, on an ongoing basis, we evaluate various strategic opportunities for the growth and expansion of our business. We will make appropriate disclosures whenever there is any material development that requires disclosure under applicable laws.” Queries sent to Minimalist did not receive an immediate response. Minimalist’s revenue from operations surged to Rs 347 crore in FY24, up from Rs 184 crore in FY23. Despite increasing marketing costs, the company’s profits jumped two-fold to Rs 10.83 crore in the last fiscal year. Minimalist has raised around $17 million to date, including its Series A round led by Peak XV (formerly Sequoia Capital), which holds a 27.9% stake as the largest external shareholder. Its co-founders, Mohit and Rahul Yadav, together control 62% of the company, as per TheKredible. In December 2022, HUL acquired a 51% stake in D2C brand Oziva for a cash consideration of Rs 264.28 crore.

HUL-owned Minimalist revenue spikes 48% to Rs 515 Cr in FY25

EntrackrEntrackr · 19d ago
HUL-owned Minimalist revenue spikes 48% to Rs 515 Cr in FY25
Medial

HUL-owned D2C brand Minimalist reported a 48% year-on-year rise in operating revenue to cross Rs 500 crore in FY25, but posted a loss due to exceptional items worth Rs 46 crore. Hindustan Unilever Limited (HUL)-owned D2C brand Minimalist continues to grow at a strong pace, as operating revenue rose 48% year on year to cross the Rs 500 crore threshold in the fiscal year ended March 2025. However, the Jaipur-based company reported a loss in the last fiscal year due to exceptional items worth Rs 46 crore. Minimalist’s revenue from operations spiked to Rs 514.8 crore in FY25, from Rs 347.4 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist is a skin and hair care brand that offers products such as serums, toners, and moisturizers. It retails through its own website, as well as third-party e-commerce platforms like Amazon, Nykaa, and Flipkart, among others. Sales of these products were the sole source of the brand’s revenue in FY25. The company also earned Rs 2.84 crore from non-operating sources, which took its overall income to Rs 517.6 crore in FY25. For the D2C brand, Minimalist continued to spend heavily on advertising and promotion, which accounted for over 30% of its total expenses and stood at Rs 154 crore in FY25. This cost increased 28% compared to FY24. In line with its revenue growth, the cost of materials consumed rose 57% to Rs 146.7 crore in FY25 from Rs 93.7 crore in FY24. Distribution costs, primarily commissions to marketplaces, stood at Rs 84.3 crore, while employee benefits expenses increased 29% to Rs 36.8 crore. Other overheads, including rent, transportation, legal and professional fees, and warehousing costs, added another Rs 82 crore. This pushed the company’s overall expenses to Rs 504 crore in the fiscal year ended March 2025 from Rs 333.2 crore in FY24, a 51% year-on-year increase. In the end, the company’s EBITDA remained positive at Rs 18 crore as both expenses and revenue grew at nearly the same pace. However, Minimalist reported a net loss of Rs 31.5 crore in the previous fiscal year due to one-time exceptional expenses of Rs 46 crore, for which details were not disclosed in the financial statements. Its ROCE and EBITDA margin stood at Rs 10.55% and 3.45%, respectively. On a unit basis, Minimalist spent Rs 0.98 to earn a rupee of operating revenue in FY25. As of March 2025, the firm had current assets of Rs 229 crore which includes Rs 48 crore in cash and bank balances. In January 2025, fast-moving consumer goods major Hindustan Unilever Limited (HUL) acquired a 90.5% stake in Minimalist at a pre-money valuation of Rs 2,955 crore (nearly $350 million). This deal ranks among the largest transactions in the direct-to-consumer (D2C) space in recent years. The transaction is expected to be completed in Q1 FY26. Prior to the acquisition, Minimalist had raised $17 million, including a $15 million Series A round led by Peak XV, which holds a 27.9% stake. Co-founders Mohit and Rahul Yadav control 62% of the company.

MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24

EntrackrEntrackr · 1y ago
MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24
Medial

Honasa Consumer Ltd, the parent firm of the D2C brand MamaEarth, showcased a 28.7% year-on-year growth to near Rs 2,000 crore revenue threshold in FY24. The Gurugram-based firm also posted Rs 110 crore PAT in the same period marking a big turnaround as compared to over Rs 100 crore loss in FY23. Honasa’s revenue from operations grew to Rs 1,920 crore in FY24 from Rs 1,492 crore in FY23, its consolidated financial statements sourced from Bombay Stock Exchange (BSE) show. On a sequential basis, the firm saw a modest 3.7% decrease in revenue to Rs 471 crore in Q4 FY24 from Rs 488 crore in Q3 FY24. The sale of beauty, personal care, and related products across skin, hair, and baby care was the sole source of revenue for Honasa. It also made Rs 48 crore from the interest and gain of financial assets, tallying the total revenue to Rs 1,970 crore in FY24. For the D2C brand, its marketing cum advertisement cost is likely to be the largest cost center but the company didn’t disclose the complete expense breakdown while the cost of procurement of materials formed 31.8% of the overall expenditure. Its employee benefits, finance, depreciation, legal, conveyance, and other overheads took the overall expenditure to Rs 1,822 crore in FY24 from Rs 1,501 crore in FY23. The decent scale and controlled costs helped Honasa post a Rs 110 crore profit in FY24 from a loss of Rs 151 crore in FY23. Its ROCE and EBITDA margins improved to 13% and 9.5%, respectively. On a unit level, it spent Rs 0.95 to earn a rupee in FY24. Note 1: The significant loss of Rs 151 crore in FY23 was attributed to the write-off of its Rs 154 crore investment in Just4kids (Momspresso) which was acquired to expand content and influencer management capabilities. Note 2: Honasa has also encountered a legal suit in the UAE in relation to some distribution agreements with RSM General Trading LLC. The company claimed Rs 100 crore of damages from Honasa Ltd. Further, the court in the UAE also ordered Honsa to pay Rs 57.6 crore plus interest. The company, however, is in the process of making an appeal.

Awfis posts Rs 257 Cr revenue in Q1 FY25, improves profits

EntrackrEntrackr · 1y ago
Awfis posts Rs 257 Cr revenue in Q1 FY25, improves profits
Medial

Co-working solutions provider Awfis filed its first quarterly results after going IPO. The Delhi based company witnessed 10.9% revenue growth with the profits spiking 102.9% during the same period. Awfis’ revenue increased to Rs 258 crore in Q1 FY25 from Rs 232 crore in Q4 FY24, as per its unaudited consolidated financial statements filed with the National Stock Exchange (NSE). Income from renting of co-working space and allied services contributed 72% of the firm’s total operating revenue while construction and fit-out projects contributed 26% . On a sequential basis, its operating revenue increased by 37.31% from Rs 187.7 crore in Q1 FY24. Awfis’ total expense increased by 10.57% to Rs 265.08 crore in Q1 FY25 from Rs 239.79 crore in Q4 FY24. Subcontracting cost and purchase of traded goods accounted for 24% of the total expense. Employee benefit, depreciation and amortization and finance costs were some other major expenses for the 10-year-old company. The consistent growth in scale helped Awfis to double its profit which stood at Rs 2.78 crore in Q1 FY25 as compared to Rs 1.37 crore in Q4 FY24. For context, Awfis posted a loss of Rs 8.3 crore in Q1 FY24. Awfis is currently trading at Rs 669.7 (as at the end of August 13) with the market capitalization of Rs 4648 crore (approximately $560 million).

Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%

EntrackrEntrackr · 1y ago
Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%
Medial

Ixigo released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Tuesday. The company reported a 41% growth in scale, while its year-on-year (YoY) profits declined by 49.3%. Ixigo’s revenue from operations surged 41.5% to Rs 242 crore in Q3 FY25 in contrast to Rs 171 crore in Q3 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange. The company generated the majority (49.6%) of its operating revenue from train ticketing which increased to Rs 120 crore in Q3 FY25 from Rs 95 crore in Q3 FY24. Flight and bus booking services contributed 28% and 21.4% respectively. Besides operating revenue, the firm also earned Rs 5.2 crore via interest and gains from financial assets during the quarter, taking its total topline to Rs 247 crore in Q3 FY25. Ixigo’s gross transaction value (GTV) increased 48% year-on-year to Rs 4,036 crore during the third quarter of the ongoing fiscal year. Employee benefits expenses rose by 17% YoY to Rs 41 crore. Overall, the company's total costs grew 42.7% to Rs 224 crore in Q3 FY25 compared to Rs 157 crore in Q3 FY24. Ixigo's net profits dropped by 49.3% to Rs 15.5 crore in Q3 FY25 from Rs 30.6 crore in Q3 FY24, attributed to a deferred tax income of Rs 16.7 crore booked in Q3 FY24. On a PBT basis, profits showed a significant QoQ increase of 54% to Rs 21.4 crore in Q3 FY25 from Rs 13.9 crore in Q3 FY24. Ixigo is currently trading at Rs 127.7 with a total market capitalization of Rs 4,886 crore or $581 million.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr · 1y ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IAS’s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Kapiva spends Rs 188 Cr on advertising in FY25; posts Rs 342 Cr revenue

EntrackrEntrackr · 1m ago
Kapiva spends Rs 188 Cr on advertising in FY25; posts Rs 342 Cr revenue
Medial

Kapiva sustained its strong growth momentum in the fiscal year ended March 31, 2025, as revenue rose nearly 50% year on year. However, higher incremental spending during the year weighed on the bottom line and led to a 23% increase in the company’s losses over the same period. Kapiva’s revenue from operations grew 50% to Rs 342 crore in FY25 from Rs 228 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Founded in 2015, Kapiva is an ayurvedic nutrition brand offering natural and organic products in categories such as diabetes, hypertension, liver health, hormonal balance, wellness, energy, and sports nutrition. Sale of these products was the sole source of revenue for the company. Including non-operating income of Rs 7 crore, the company’s total income stood at Rs 349 crore in FY25. For the D2C brand, advertising and promotional expenditure remained the largest cost contributor, accounting for 45% of the total expense. This cost rose 53% to Rs 188 crore in FY25 from Rs 123 crore in FY24. Cost of materials consumed grew 43% to Rs 97 crore, contributing about 23% of overall costs, while employee benefit expenses increased 28% to Rs 59 crore. Transportation cost stood at Rs 22 crore, legal charges doubled to Rs 16 crore, and other overheads added another Rs 36 crore during the year. Overall, the company’s total expense rose 44% to Rs 418 crore in FY25 from Rs 290 crore in FY24. Kapiva’s net loss rose 23% to Rs 69 crore in FY25 from Rs 56 crore in FY24. Its ROCE and EBITDA margin stood at -51.41% and -20.88% respectively. On a unit level, the company spent Rs 1.22 to earn a rupee, better than Rs 1.27 it spent in FY24. The company recorded cash and bank balances of Rs 139 crore, while its current assets were valued at Rs 199 crore in the same period.

PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue

EntrackrEntrackr · 11m ago
PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue
Medial

Payments technology company Mindgate made headlines last week after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X. Mindgate’s revenue from operations grew to Rs 257 crore in FY24 from Rs 191 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies (RoC) show. Mindgate is a digital payments company specializing in real-time payment processing and enterprise payment solutions for banks, financial institutions, and businesses. Income from subscription-based SaaS services accounted for 87.7% of the total operating revenue, which rose by 35% to Rs 201 crore in FY24. Revenue from transaction processing and annual maintenance services contributed Rs 40 crore and Rs 16 crore, respectively. The company also earned Rs 4 crore from interest on current investments, bringing its total revenue to Rs 261 crore in FY24 from Rs 195 crore in FY23. Similar to other SaaS tech firms, employee benefits made up 71% of Mindgate’s overall expenditure. This cost rose by 22.6% to Rs 163 crore in FY24. Additional expenses such as rent, subscription and membership fees, travel, advertising, and overheads pushed the total expenditure up by 24.5% to Rs 229 crore in FY24, compared to Rs 184 crore in FY23. Year-on-year growth, coupled with controlled costs, enabled Mindgate to post a 3.6X surge in profits to Rs 23.2 crore in FY24 from Rs 6.5 crore in FY23. At a unit level, the company spent Re 0.89 to earn a rupee in FY24, with improved ROCE and EBITDA margins of 17.03% and 13.6%, respectively. By the end of FY24, its total current assets stood at Rs 211 crore, including cash and bank balances of Rs 74 crore.

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