India’s Hindustan Unilever Limited (HUL) on Wednesday said it has signed a deal to buy Peak XV-backed D2C beauty brand Minimalist for Rs 2,955 crore ($342.2 million), expanding its beauty and skincare portfolio that houses popular brands such as Dove, Pond’s, Lakmé, and Pears.
Founded by brothers Rahul and Mohit Yadav, Peak XV-backed Minimalist has built its reputation on ingredient-led formulations featuring actives like Niacinamide, Salicylic Acid, Retinol, and Hyaluronic Acid, catering to Indian consumers’ growing demand for transparent and science-backed beauty solutions.
HUL will acquire a 90.5% stake in the company through a combination of secondary buyout and primary infusion with a path to acquire the balance stake in two years.
“The acquisition is another key step to grow our beauty & well-being portfolio in high-growth premium demand spaces,” Rohit Jawa, CEO and Managing Director, HUL said.
The current Minimalist team led by Mohit and Rahul Yadav will continue to operate the business in collaboration with HUL, the firm in a statement, adding that the transaction is expected to be completed in the first quarter of FY 2026.
Often referred to as “India’s next L’Oréal,” Minimalist would provide HUL with a strategic foothold in the fast-growing D2C beauty market, where it competes with global giants like L’Oréal and Estée Lauder.
Minimalist has previously raised $17 million across two rounds, including a $15 million round three years ago, which valued the company at $75-80 million. It was also reportedly in talks with investors like Premji Invest to explore funding at a valuation of Rs 2,000-3,000 crore.
Minimalist’s business has witnessed significant growth over the past three financial years, with its turnover increasing consistently. In the financial year 2021-22, the company reported a turnover of Rs 103 crores, which saw a substantial rise to Rs 184 crore in FY 2022-23 and Rs 347 crore in FY 2023-24.
Minimalist competes with other Indian D2C beauty brands like Sugar Cosmetics, mCaffeine, Wow Skin Science, Renee Cosmetics, and Pilgrim.
In recent years, FMCG majors have made strategic investments and acquisitions in digitally native brands across categories to stay competitive in an evolving consumer landscape.
Marico, for instance, acquired a 45% stake in Beardo, a D2C men’s grooming brand, before taking full ownership to capitalize on the fast-growing male grooming segment. Marico also invested in the Ayurvedic beauty brand Just Herbs.
Another notable acquisition is ITC Limited’s purchase of the healthy snacks brand Yoga Bar last year to strengthen its presence in the category, which has seen explosive growth among urban Indians.
Meanwhile, Godrej Consumer Products acquired B:Blunt, a premium haircare and styling brand, to deepen its foothold in the niche salon-inspired products segment. B:Blunt allowed Godrej to expand its offerings to a younger demographic seeking high-quality, professionally endorsed products.
