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

Entrackr · 5m

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.