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Hindustan Unilever Moves to Buy Minimalist in Rs 3,000 Cr Deal

Hindustan Unilever Limited (HUL), a leading consumer goods company, is reportedly close to buying a majority stake in the skincare brand Minimalist for around Rs 3,000 crore (over $350 million).

By Jitendra Das
New Update
Hindustan Unilever Moves to Buy Minimalist in Rs 3,000 Cr Deal

Hindustan Unilever Limited (HUL), a leading consumer goods company, is reportedly close to buying a majority stake in the skincare brand Minimalist for around Rs 3,000 crore (over $350 million).

The deal is expected to be valued at 8-10 times the brand’s revenue, which was Rs 347.4 crore in FY24, up from Rs 183.8 crore in FY23. 

Minimalist sells its products on its own website and through third-party e-commerce platforms like Amazon, Nykaa, and Flipkart to Rs 10.8 crore in FY24 from Rs 5.2 crore in FY23.

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An HUL spokesperson said in an email response to the deal, “In line with our business strategy, on an ongoing basis, we evaluate various strategic opportunities for growth and expansion of our business. We will make appropriate disclosures whenever there is any material development that requires disclosure under applicable laws.” 

In December 2022, HUL announced its entry into the health and wellness sector by signing agreements to acquire stakes in two companies: Zywie Ventures, which offers plant-based wellness products under the OZiva brand and Nutritionalab, which markets its products under the Wellbeing Nutrition brand.

Minimalist’s revenue grew to Rs 347 crore in FY24, up from Rs 184 crore in FY23. Despite higher marketing expenses, the company’s profits doubled to Rs 10.83 crore last year.  

Minimalist has raised about $17 million so far, including a Series A round led by Peak XV (formerly Sequoia Capital), which owns 27.9% as the largest external shareholder. Co-founders Mohit and Rahul Yadav together hold a 62% stake in the company.

About Minimalist

Founded in 2020 by Mohit and Rahul Yadav, Jaipur-based Minimalist is a skincare startup offering a range of body care products. Minimalist sells its products on its own website and through third-party e-commerce platforms like Amazon, Nykaa, and Flipkart.

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