Minimalist, founded just four years ago, has seen impressive growth, with its revenue surging 89% to ₹350 crore million in the fiscal year ending March 2024. The company also generated a more than 100% increase in profit during the same period, from ₹5 crore to ₹11 crore. Minimalist has been profitable for at least four years, data has shown.
The Jaipur-based company offers a range of skincare products, including sunscreens and hair repair serums, and has reached profitability.
“In line with our business strategy, on an ongoing basis, we evaluate various strategic opportunities for the growth and expansion of our business. We will make appropriate disclosures whenever there is any material development that requires disclosure under applicable laws,” a spokesperson for HUL told CNBC-TV18.
A potential acquisition of Minimalist would broaden HUL’s portfolio, which includes well-known brands such as Dove, Lakme, and Lux. The company’s expansion strategy in India recently included the acquisition of health and wellness brands Oziva and Wellbeing Nutrition.
HUL has previously invested in Minimalist through its venture arm, Unilever Ventures, participating in the startup’s Series A funding in 2021. Peak XV Partners was the first institutional investor in Minimalist, leading its seed funding round in 2019.
