According to media reports, Hindustan Unilever (HUL) is reportedly in advanced discussions to acquire the direct-to-consumer skincare startup Minimalist for up to Rs 3,000 crore. Minimalist, based in Jaipur, has shown remarkable growth since its founding just four years ago
According to media reports, the startup’s revenue surged by 89 per cent to Rs 350 crore in the fiscal year ending March 2024, while its profit more than doubled during the same period, rising from Rs 5 crore to Rs 11 crore. The company has maintained profitability for at least four consecutive years.
The acquisition, if it materialises, would expand HUL’s portfolio, which already includes brands like Dove, Lakme, and Lux. The company has been actively pursuing growth in the Indian health and wellness sector, acquiring brands such as Oziva and Wellbeing Nutrition in recent years.
Minimalist, known for its product range that includes sunscreens and hair repair serums, has also attracted significant investor interest. According to media reports, HUL previously invested in Minimalist through its venture arm, Unilever Ventures, participating in the startup’s Series A funding in 2021. Earlier, Peak XV Partners led the seed funding round in 2019.
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