D2C skincare brand Minimalist saw its net profit more than double in the financial year ended March 31, 2024. The͏͏ startup’s͏͏ profit͏͏ surged͏͏ 110%͏͏ to͏͏ INR͏͏ 10.9͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 5.2͏͏ crore͏͏ in͏͏ FY23,͏͏ driven͏͏ by͏͏ robust͏͏ top-line͏͏ growth.
Founded͏͏ in͏͏ 2020͏͏ by͏͏ Mohit͏͏ Yadav͏͏ and͏͏ Rahul͏͏ Yadav,͏͏ the͏͏ skincare͏͏ brand͏͏ sells͏͏ its͏͏ products͏͏ through͏͏ its͏͏ website͏͏ and͏͏ various͏͏ online͏͏ marketplaces,͏͏ including͏͏ Amazon,͏͏ Nykaa,͏͏ Flipkart,͏͏ and͏͏ Myntra.͏͏ Its͏͏ revenue͏͏ is͏͏ generated͏͏ from͏͏ the͏͏ sale͏͏ of͏͏ skincare,͏͏ haircare,͏͏ and͏͏ body͏͏ care͏͏ products.
Continue͏͏ Exploring:͏͏ Skincare brand͏͏ Minimalist announces͏͏ major͏͏ expansion͏͏ with͏͏ new͏͏ manufacturing͏͏ facility͏͏ in͏͏ Jaipur
Rapid͏͏ Revenue͏͏ Growth:
According͏͏ to͏͏ the͏͏ filing͏͏ by͏͏ Uprising͏͏ Science͏͏ Pvt͏͏ Ltd,͏͏ which͏͏ operates͏͏ Minimalist,͏͏ the͏͏ startup’s͏͏ revenue͏͏ from͏͏ operations͏͏ surged͏͏ 89X͏͏ to͏͏ INR͏͏ 347.4͏͏ crore͏͏ during͏͏ the͏͏ review͏͏ year,͏͏ up͏͏ from͏͏ INR͏͏ 183.8͏͏ crore͏͏ in͏͏ FY23.
Including͏͏ other͏͏ income,͏͏ the͏͏ D2C͏͏ brand’s͏͏ total͏͏ income͏͏ increased͏͏ by͏͏ 86%͏͏ to͏͏ INR͏͏ 349.6͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 188.1͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.
Expense͏͏ Overview:
Minimalist’s͏͏ expenditure͏͏ increased͏͏ in͏͏ tandem͏͏ with͏͏ its͏͏ sales͏͏ growth.͏͏ Total͏͏ expenses͏͏ soared͏͏ 84%͏͏ to͏͏ INR͏͏ 331.7͏͏ crore͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 180.2͏͏ crore͏͏ in͏͏ the͏͏ previous͏͏ fiscal͏͏ year.
The͏͏ startup͏͏ allocated͏͏ INR͏͏ 101.5͏͏ crore͏͏ for͏͏ the͏͏ purchase͏͏ of͏͏ stock-in-trade,͏͏ marking͏͏ a͏͏ 43%͏͏ increase͏͏ from͏͏ INR͏͏ 71.2͏͏ crore͏͏ in͏͏ FY23.
The͏͏ startup’s͏͏ employee͏͏ costs͏͏ surged͏͏ 56%͏͏ to͏͏ INR͏͏ 28.5͏͏ crore͏͏ during͏͏ the͏͏ year,͏͏ up͏͏ from͏͏ INR͏͏ 18.3͏͏ crore͏͏ in͏͏ FY23.
The͏͏ D2C͏͏ brand’s͏͏ largest͏͏ expense͏͏ was͏͏ advertising͏͏ costs,͏͏ with͏͏ INR͏͏ 117.1͏͏ crore͏͏ spent͏͏ in͏͏ FY24,͏͏ a͏͏ 79%͏͏ increase͏͏ from͏͏ INR͏͏ 65.3͏͏ crore͏͏ in͏͏ FY23.
Minimalist͏͏ has͏͏ raised͏͏ over͏͏ $17͏͏ million͏͏ in͏͏ total͏͏ funding͏͏ to͏͏ date,͏͏ with͏͏ notable͏͏ backers͏͏ including͏͏ Peak͏͏ XV͏͏ Partners͏͏ and͏͏ Unilever͏͏ Ventures.͏͏ The͏͏ brand͏͏ competes͏͏ with͏͏ startups͏͏ such͏͏ as͏͏ WOW͏͏ Skin͏͏ Science,͏͏ Plum,͏͏ and͏͏ mCaffeine,͏͏ among͏͏ others.
