Hindustan Unilever, the consumer goods giant, is currently in advanced discussions to buy the 4-year-old direct-to-consumer startup Minimalist for a possible amount of up to $350 million, as reported by two insiders knowledgeable about the situation.
If the acquisition goes through, it will contribute to Unilever’s expansion efforts in India, where they have been making strategic moves in the health and well-being sector. Initial investor Peak XV Partners also played a significant role by leading Minimalist’s seed funding back in late 2019.
Both Minimalist and Peak XV Partners were unavailable for comment at the time of reporting.
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A spokesperson for Hindustan Unilever shared with TechCrunch, “We are constantly exploring various strategic prospects to enhance our business growth and expansion.”
This potential acquisition would also enhance Unilever’s Indian subsidiary’s skincare product line, increasing their market reach in a country where they already operate popular brands such as Dove, Pond’s, Lakmé, Sunsilk, Lux, and Lifebuoy.
While discussions are ongoing, no final agreement has been reached yet, caution the sources, who preferred to remain anonymous given the confidential nature of the talks.
Minimalist, based in Jaipur, is known for its skincare range that includes products like sunscreen and hair-repair serum. In its last fiscal year ending in March 2024 the startup reported a revenue increase of 89% to $40.8 million showcasing profitability.
With Hindustan Unilever already an investor in Minimalist since joining the startup’s Series A funding round in mid-2021 through Unilever Ventures the acquisition could mark an important milestone in their partnership né?
