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

EntrackrEntrackr · 5m 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.

Can CHOSEN Rewrite India’s Beauty Playbook With Its Patented Skincare Solutions & LED Tech?

Inc42Inc42 · 9m ago
Can CHOSEN Rewrite India’s Beauty Playbook With Its Patented Skincare Solutions & LED Tech?
Medial

India's direct-to-consumer (D2C) beauty and personal care (BPC) industry has seen the rise of successful brands like Mamaearth, mCaffeine, and WoW Skin Science. CHOSEN by Dermatology, founded by Dr. Geetika Mittal Gupta, has joined the ranks. The brand offers tech-led skincare solutions based on Dr. Gupta's expertise in dermatology. CHOSEN focuses on creating smaller, more accessible versions of traditional skincare products, catering specifically to Indian skin. Despite production capacity constraints in 2023, the brand is actively acquiring more facilities to address stock shortages and support scaling. Other notable players in the D2C BPC space include Minimalist and Nykaa.

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

EntrackrEntrackr · 6m 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.

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

EntrackrEntrackr · 9m 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.

Salt Oral Care raises $1 Mn in pre-Series A round led by Lotus Holdings

EntrackrEntrackr · 2m ago
Salt Oral Care raises $1 Mn in pre-Series A round led by Lotus Holdings
Medial

Oral wellness brand Salt Oral Care has picked up $1 million in pre-Series A funding round from Lotus Holdings (Lotus Herbals Family Office). The investment will be executed in two tranches, with the company’s average post-money valuation across the round pegged at Rs 46 crore ($5.3 million). The Mumbai-based company had previously raised $358K from Saurashtra Capital and others. The proceeds will be allocated towards new product innovation, research & development, branding and marketing initiatives, and team expansion, Salt Oral Care said in a press release. Co-founded in 2022 by Karan Raj Kohli and Viraj Kapur, Salt Oral Care is a homegrown Indian oral care brand that focuses on providing science-backed oral care products for all, with a commitment to sustainability and eco-friendly practices. It aims to create oral care products that are both effective and mindful of the environment. The brand strives to blend sustainability with a luxurious experience, offering products with reusable and recyclable containers. Salt Oral Care emphasizes the use of scientific research and rigorous testing in their product development. It prioritizes sustainable practices, including eco-friendly packaging and reducing their environmental impact. Salt says its portfolio including toothpaste and mouthwash has seen a surge in repeat purchases, driven by the brand’s positioning, minimalist aesthetic, and clinically backed performance. The brand plans to expand its footprint across India and international markets. It claims to have recorded a 448% growth over the last financial year.

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