HUL is discussing a deal with Minimalist around three years after the company raised Rs 110 crore ($15 million) from Unilever Ventures, the venture investing arm of Unilever.
FMCG giant Hindustan Unilever Limited (HUL) is reportedly finalising a deal to acquire Minimalist, a Jaipur-based skincare startup backed by Peak XV Partners, for about Rs 3,000 crore ($350 million), according to a Moneycontrol report citing sources.
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If completed, the transaction would mark a significant milestone for Minimalist, boosting its valuation from around Rs 630 crore (nearly $75 million) to Rs 3,000 crore ($350 million) within just three years. The sharp increase in valuation has been attributed to the company’s rising revenues and consistent profitability. This would also rank as one of the largest deals in the direct-to-consumer (D2C) skincare segment in recent years.
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Minimalist reported a revenue of Rs 350 crore in FY24, up 89 per cent from Rs 184 crore in FY23. During the same period, its profit more than doubled, growing from Rs 5 crore to Rs 11 crore. Data indicates that the startup has maintained profitability for at least four consecutive years.
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According to the Moneycontrol report, a 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.”
