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Hindustan Unilever has agreed to buy beauty startup Minimalist for about $342 million, marking its latest push to expand in India’s fast-growing premium skincare market.
According to the stock exchange, the consumer goods giant will initially acquire a 90.5% stake in the four-year direct-to-consumer brand through secondary acquisitions and seed investments, with the remaining 9.5% acquired from the founders over two years. giving
Announcement TechCrunch confirms the report since the beginning of this month.
The deal gives Unilever’s Indian division a stronger position in the premium beauty segment, adding to its portfolio that includes brands such as Dove, Pond’s and Lakmé. Minimalist, known for its active-led skin care products, reported annual revenue of over Rs 5 billion and has been profitable since its inception.
Rohit Jawa, CEO, Hindustan Unilever said, “This acquisition is another key step in growing our Beauty and Wellness portfolio in the high growth masstige beauty segment.”
Founded in 2020 by Mohit Yadav and Rahul Yadav, Jaipur-based Minimalist sells a range of products from sunscreen to hair repair serum. The startup previously attracted investment from Unilever Ventures in Series A in 2021. Peak XV was its first institutional investor and led the seed funding in the startup on its own initiative. Wave platform At the end of 2019. Minimalist is one of the earliest Surge portfolio startups.
The acquisition follows Hindustan Unilever’s expansion into the health and wellness space through its acquisitions of Oziva and Wellbeing Nutrition last year. The latest deal is expected to close in the June quarter, subject to regulatory approval.
After the deal closes, the founders will continue to run the business for two years. Minimalist has established a strong presence in e-commerce, which it plans to complement by expanding the brand’s offline distribution using Hindustan Unilever’s extensive retail network.
The deal values Minimalist above the roughly $300 million it sought when it sought to raise venture capital in the second half of last year.
