Hindustan Unilever Limited (HUL) is reportedly in advanced talks to acquire a majority stake in Minimalist, a Jaipur-based skincare startup, in a deal estimated at around ₹3,000 crore, according to Economic Times. If finalized, this acquisition would be one of the largest in India’s direct-to-consumer (D2C) segment, particularly in the rapidly growing skincare industry.
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Minimalist’s Impressive Journey
Founded by Mohit Yadav and Rahul Yadav, Minimalist has carved out a niche in skin and hair care with products like serums, toners, and moisturizers. The brand distributes through its own website and major e-commerce platforms such as Amazon, Nykaa, and Flipkart.
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Minimalist’s growth trajectory has been nothing short of remarkable. Its revenue surged from ₹184 crore in FY 2022-23 to ₹347 crore in FY 2023-24. Profits have also seen a significant leap, more than doubling to ₹10.83 crore in the same period, a rare feat in the competitive D2C landscape.
HUL’s Ambitions in the Digital Space
HUL, which recently acquired a majority stake in D2C nutrition brand Oziva, seems intent on strengthening its foothold in the digital-first consumer market. Expanding its portfolio with high-growth startups like Minimalist aligns with the company’s strategy to tap into emerging markets. While HUL hasn’t officially confirmed the deal, industry insiders believe Minimalist is being valued at nearly 10 times its annual revenue—well above the typical valuation range for similar acquisitions.
