Hindustan Unilever Acquires 90% Stake In Skincare Brand Minimalist For Rs 2,955 Crore
Additionally, about three years ago, Minimalist raised Rs 110 crore ($15 million) from Unilever Ventures, the venture arm of Unilever, which also operates HUL in India, to scale its business
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FMCG giant Hindustan Unilever Limited (HUL) has acquired a 90.5 per cent stake in a skincare startup, Minimalist for Rs 2,955 crore in an all-cash transaction, the company announced alongside its quarterly results on Wednesday. This deal, one of the largest in the direct-to-consumer (D2C) sector, is expected to be finalised by the end of the June quarter of 2025.
“HUL to acquire 90.5 per cent stake in the business through secondary buyouts (and primary capital infusion) at a pre-money enterprise value of Rs 2,955 crore,” the company said. The deal is subject to adjustments as outlined in the transaction agreement, the statement further noted.
HUL will acquire a 90.5 per cent stake in Minimalist through a mix of secondary transactions and primary capital infusion, purchasing from existing investors such as Peak XV Partners and others.
Founders Rahul Yadav and Mohit Yadav hold a majority stake of approximately 61 per cent in the company, according to Tracxn, a private markets data provider. Peak XV Partners is the second-largest shareholder with a 27.4 per cent stake. Twenty Nine Capital owns around 5.6 per cent, while the remaining stake is held through ESOPs.
HUL will acquire 90.5 per cent of the company by the end of the June quarter of 2025 (Q1FY26), with the remaining stake to be acquired gradually over time.
“(The) balance 9.5 per cent will be acquired from the founders in two years as per terms set out in the transaction documents,” HUL’s statement added.
Additionally, about three years ago, Minimalist raised Rs 110 crore ($15 million) from Unilever Ventures, the venture arm of Unilever, which also operates HUL in India, to scale its business.
At the current enterprise value, the Yadav brothers are set to receive a total of Rs 1,800 crore, while Peak XV Partners stands to make a substantial return of around 10X. The investor, who had invested Rs 79 crore about three years ago, will now receive Rs 895 crore.
The high valuation of the company can be attributed to Minimalist's financial discipline. Over the past three years, its valuation has surged from approximately Rs 630 crore ($75 million) to Rs 3,000 crore ($350 million), driven by rising revenues and a stable profit profile.
This deal ranks among the largest in the direct-to-consumer (D2C) space in recent years, particularly within the skincare sector.
In FY24, Minimalist reported revenue of Rs 350 crore, marking an 89 per cent increase from Rs 184 crore in FY23. During the same period, its profit more than doubled from Rs 5 crore to Rs 11 crore. The company has remained profitable for at least the past four years, according to data.
Also Read: HUL Likely To Acquire Skincare Brand Minimalist In A Rs 3,000 Crore Deal: Report
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