A leading fast-moving consumer goods company, Hindustan Unilever Limited (HUL), has acquired the homegrown skincare brand Minimalist at a pre-money valuation of INR 2,955 crore which comes to about USD 350 million.

Along with Rs 45 crore as a primary infusion in the company, the board at HUL has entered into the Share purchase agreement for the acquisition of 90.5 percent of Minimalist shares at a cash consideration of INR 2,670 crore as a secondary buyout.

Furthermore, the transaction is expected to be completed by the first quarter of FY 2026 and the remaining 9.5 percent shareholding of Uprising in and around two years from the completion date. With this, it would be one of the largest deals in the direct-to-consumer (D2C) space in the recent past.

Minimalist was established by serial entrepreneurs Mohit and Rahul Yadav, wherein, it offers skin and hair care products which include serums, toners, and moisturizers. Furthermore, in the last fiscal year, the sale of these products was the sole source of revenue for the brand. Also to note, the two founders will continue to spearhead the company for the next two years.

To speak of Minimalist's revenue, it has witnessed an upsurge from Rs 184 crore in FY23 to Rs 347 crore in FY24. The profits doubled to Rs 10.83 crore in FY24 despite higher marketing costs. According to the company, the business has rapidly scaled to cross an annual revenue run rate (ARR) of INR 500 crore in just a short span of four years.

While speaking of the funding, Minimalist has raised USD 17 million, including a Series A round led by Peak XV, which currently holds a 27.9 percent stake while the two founders control 62 percent of the company. Today, the company is said to be valued at Rs 565 crore or USD 65 million.