Hindustan Unilever acquires skincare brand Minimalist for $350M

Hindustan Unilever Limited (HUL), a leading FMCG company, has acquired the Indian skincare brand Minimalist in a deal valued at approximately $350 million.
Under the terms of the agreement, HUL will acquire 90.5% of Minimalist's shares for Rs 2,670 crore (approximately $320 million) in a secondary buyout. Additionally, HUL will invest Rs 45 crore ($5.4 million) in primary funding. The transaction is expected to be finalized in the first quarter of the 2026 fiscal year. The remaining 9.5% stake held by Uprising will be acquired by HUL within two years of the initial acquisition.
This acquisition marks one of the largest deals in the Indian direct-to-consumer (D2C) space in recent years.
Founded by entrepreneurs Mohit and Rahul Yadav, Minimalist specializes in skincare and haircare products, including serums, toners, and moisturizers. In the last fiscal year, product sales were the sole source of revenue for the brand. The founders will continue to lead Minimalist for the next two years.
Minimalist experienced significant growth in FY24, with revenue surging to Rs 347 crore ($42 million) from Rs 184 crore ($22 million) in FY23. Despite increased marketing expenses, profits doubled to Rs 10.83 crore ($1.3 million) in FY24. The company has achieved an annual revenue run rate (ARR) of Rs 500 crore ($60 million) within just four years of operation.
Prior to this acquisition, Minimalist had raised $17 million in funding, including a Series A round led by Peak XV. Peak XV holds a 27.9% stake in the company, while co-founders Mohit and Rahul Yadav own 62%. In a previous funding round, Minimalist was valued at Rs 565 crore ($65 million).