Hindustan Unilever acquires Minimalist in a deal that has shaken up the Indian direct-to-consumer (D2C) skincare market. In a cash transaction worth ₹2,706 crore, HUL has acquired a controlling 90.5% stake in Uprising Science Pvt. Ltd., the parent company of the Jaipur-based skincare brand Minimalist. This acquisition was cleared by the Competition Commission of India (CCI) on March 17, 2025, and finalised through a mix of primary infusion and secondary share purchase.
Minimalist, co-founded by Mohit Yadav and Rahul Yadav, has built a strong reputation for transparency-driven skincare and haircare solutions under the tagline #HideNothing. Since its launch in 2020, the brand has scaled exponentially, driven by science-backed formulations and robust e-commerce distribution. The acquisition reflects a growing trend where legacy FMCG giants are eyeing high-growth digital-first brands to expand their portfolio and appeal to younger consumers.
Financially, Minimalist reported a turnover of ₹347 crore in FY 2023-24 and is operating at an annual revenue run rate exceeding ₹500 crore. Profits have also surged from ₹5 crore in FY22 to ₹11 crore in FY24. The startup’s valuation jumped from ₹630 crore to nearly ₹3000 crore in three years, showcasing its disciplined spending and sustainable revenue strategies. The founders will continue to operate the business for the next two years, paving the path for HUL to eventually acquire the remaining 9.5% stake.
This strategic move by Hindustan Unilever deepens its footprint in India’s premium skincare market and sets a new benchmark in the Indian D2C ecosystem.
1. Origin and Working Model of Minimalist
1.1 Minimalist’s Founding Vision
Minimalist was founded in May 2018 and launched to market in 2020 by Mohit Yadav and Rahul Yadav. The sibling duo wanted to create a skincare brand that cut through the noise of marketing gimmicks and focused on delivering transparent, science-backed results. This principle became the foundation of Minimalist, encapsulated in its tagline #HideNothing.
1.2 Product and Service Portfolio
Minimalist specialises in skincare and haircare products focused on actives-based formulations. Their offerings include serums, toners, moisturisers, and cleansers that target specific skin concerns. The products are cruelty-free, backed by dermatological science, and cater to ingredient-conscious consumers.
1.3 Revenue Model and Growth Strategy
Minimalist operates on a direct-to-consumer (D2C) model, selling through its own website and popular marketplaces like Amazon, Nykaa, and Flipkart. This approach helps the brand maintain control over customer experience and profit margins.
2. Explosive Financial Growth and Valuation Surge
2.1 Revenue Performance and Profitability
Despite being a young entrant, Minimalist has shown remarkable financial performance. Its revenue grew from ₹103 crore in FY22 to ₹184 crore in FY23 and further surged to ₹347 crore in FY24. The Annual Revenue Run Rate now exceeds ₹500 crore, according to unaudited Q3 FY25 figures.
2.2 Profitability Milestones
The company’s profit has more than doubled in two years, jumping from ₹5 crore in FY22 to ₹11 crore in FY24. This is an impressive feat in a segment where many startups burn capital for growth.
2.3 Valuation Trajectory
Minimalist’s valuation has skyrocketed from around ₹630 crore in 2021 to close to ₹3000 crore in 2025. This was largely driven by lean operations, brand trust, and exponential sales growth. Such performance made it an irresistible buyout target.
3. Hindustan Unilever Acquires Minimalist: The Strategic Move
3.1 Transaction Details
Hindustan Unilever acquires Minimalist for ₹2,706 crore in an all-cash deal. The deal includes both primary infusion and secondary share purchase, with regulatory approval granted by the CCI. This acquisition grants HUL a 90.5% controlling stake.
3.2 Roadmap to Complete Acquisition
As part of the agreement, HUL plans to acquire the remaining 9.5% within two years. During this period, the founders will continue to lead operations, ensuring continuity and strategic alignment.
3.3 Integration into HUL’s Portfolio
The acquisition is expected to integrate Minimalist into HUL’s premium beauty and personal care segment, enhancing its reach in urban and digital-first consumers. HUL has been actively targeting high-potential D2C brands to maintain leadership in India’s evolving FMCG market.
4. Industry Context and Market Trends
4.1 Rise of D2C Brands in India
The Indian beauty and personal care segment has seen a surge in D2C startups. Brands like Mamaearth, Plum, and Minimalist have carved a niche among millennials and Gen Z due to product authenticity and ingredient transparency.
4.2 FMCG Giants and D2C Acquisitions
This acquisition aligns with a broader trend where FMCG giants are acquiring digital-first brands to tap into their agile models and loyal consumer base. Such integrations help companies like HUL remain competitive and relevant.
5. Learning for Startups and Entrepreneurs
5.1 Build Brand on Strong Values
Minimalist’s success stems from its core value of transparency. Startups that align their brand with genuine consumer needs and values often enjoy higher trust and retention.
5.2 Focus on Profitability Early
Unlike many startups, Minimalist achieved profitability early. This not only strengthened investor confidence but also made the brand a lucrative acquisition.
5.3 Digital-First Is a Winning Strategy
Selling directly to consumers via digital platforms allowed Minimalist to gather customer feedback faster and scale efficiently. D2C remains a potent business model in India.
About The Startups News
When it comes to covering acquisitions in the skincare startup world, The Startups News is your go-to source for in-depth, factual, and trend-driven reporting. Our editorial team ensures that every headline captures the heartbeat of India’s growing startup ecosystem, from unicorn journeys to disruptive exits like this one by Minimalist. For readers tracking the fastest-growing D2C brands and startup acquisitions in India, The Startups News delivers real-time insights that matter.
