Speedy-moving client items massive Hindustan Unilever is in talks to buy skin care startup Minimalist, 3 sources aware of the matter told YourStory.
Moneycontrol became the primary to file in this.
The deal will value the Jaipur-based startup at Rs 3,000 crore in comparison to its modern valuation of around Rs 630 crore, the file stated.
based in 2018 by Mohit Yadav and rahul Yadav, the corporation's product portfolio tiers from serums to toners and moisturisers, among others.
the acquisition comes four years after it raised
Rs one hundred ten crore
in collection A funding led via
height XV companions
(previously Sequoia capital India) with participation from Unilever Ventures, the project and personal fairness arm of Unilever.
height XV companions declined to touch upon this depend.
"HUL does no longer have a presence within the hair and face serum category and so Minimalist may be a splendid suit for them. Minimalist has strong presence there. HUL will take the logo offline and help it develop further, " stated a venture capital investor who additionally explored an investment in Minimalist closing 12 months, inquiring for anonymity.
D2C skincare logo Foxtale raises $18M in series B funding
HUL competes with different FMCG companies consisting of ITC and Dabur, every of that have their very own line of online skincare merchandise. additionally, conglomerates are more and more tapping VC-sponsored startup to widen their product services. ITC, in 2023, obtained Bengaluru-primarily based wholesome snack company yoga Bar.
The information also comes at a time when there is accelerated movement within the united states of america's splendor and skin care phase fuelled via growing attention and splendor developments.
Minimalist stated an 89% upward push in its FY24 revenue to Rs 350 crore in comparison to Rs 184 crore which it had pronounced in FY23. during the period, the employer additionally widened its net profit to Rs eleven crore from Rs 5 crore in the earlier 12 months length.
Minimalist's co-founder Mohit Yadav did not reply to YourStory's request for comment on the time of publishing this article.
"consistent with our business approach, on an ongoing foundation, we examine various strategic possibilities for the boom and enlargement of our commercial enterprise. we will make suitable disclosures whenever there is any cloth development that requires disclosure below applicable legal guidelines," a business enterprise spokesperson for Hindustan Unilever said.
Minimalist competes with other online brands like
Foxtale
, Plum and Pilgrim, amongst others.
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