Thu Jan 23 03:59:24 UTC 2025: ## Hindustan Unilever Acquires 90.5% Stake in Skincare Startup Minimalist for Rs 2,955 Crore

**Mumbai, India** – Hindustan Unilever Limited (HUL) announced the acquisition of a 90.5% stake in the Jaipur-based direct-to-consumer (D2C) skincare startup Minimalist for Rs 2,955 crore (approximately $350 million). This all-cash deal, one of the largest in the D2C space in recent years, is expected to close by the end of June 2025.

HUL will acquire the majority stake through a combination of secondary buyouts from existing investors, including Peak XV Partners, and a primary capital infusion. Founders Rahul and Mohit Yadav will retain the remaining 9.5%, which will be acquired by HUL over the next two years.

The deal values Minimalist at a pre-money enterprise value of Rs 2,955 crore, representing a significant return for investors. Peak XV Partners, which invested roughly Rs 79 crore three years ago, stands to gain approximately Rs 895 crore. The Yadav brothers, who collectively hold a majority stake, will receive around Rs 1,800 crore.

Minimalist’s impressive growth trajectory, marked by an 89% revenue increase to Rs 350 crore in FY24 and a more than doubling of profits to Rs 11 crore, fueled the high valuation. The company’s financial discipline, resulting in a revenue multiple of approximately 10X, surpasses typical multiples seen in similar D2C deals. The Yadav brothers will continue to lead Minimalist’s operations. This acquisition further strengthens HUL’s position in the rapidly growing Indian skincare market.

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