Hindustan Unilever is in talks to buy Peak XV-backed Minimalist for $350 million.

Consumer goods giant Hindustan Unilever is in advanced talks to buy four-year-old direct-to-consumer startup Minimalist for $350 million, according to two people familiar with the matter.

The acquisition will add to the acquisition spree in India, where the Unilever subsidiary entered the health and wellness category a year ago by acquiring Oziva and Wellbeing Nutrition.

“In line with our business strategy, we are continuously evaluating various strategic opportunities for the growth and expansion of our business,” a Hindustan Unilever spokesperson told TechCrunch.

The acquisition will also expand Unilever’s Indian subsidiary’s skincare portfolio, which has a market value of more than $65 billion. HUL operates brands such as Dove, Pond’s, Lakme, Sunsilk, Lux and Lifebuoy.

Talks are ongoing, but a deal has not yet been finalized, the people cautioned, requesting anonymity because the discussions are private.

Minimalist in the second half of last year tried to show interest Securing roughly $300 million worth of capital from venture capital firms, according to Mint.

Jaipur based Minimalistic is a skincare brand, selling a wide range of products including sunscreen and hair restoration serum. Revenue rose 89% to $40.8 million in the fiscal year ending March 2024. The startup is also profitable, he said.

Hindustan Unilever is an investor in Minimalist, participating in the startup’s Series A through its venture arm Unilever Ventures in mid-2021. Peak XV was Minimalist’s first institutional investor, leading the startup’s seed funding in late 2019.

Minimalist and Peak XV Partners did not respond to requests for comment.