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Hindustan Unilever has agreed to gain beauty startup Minimalist for about $ 342 million , as the consumer goods giant seeks to expand in India ’s tight - growing premium skin care market .
Hindustan Unilever will initially win a 90.5 % stakes in the direct - to - consumer brand through lowly buyouts and elementary investiture , with the remain 9.5 % to be purchased from father in two year , according to a stock telephone exchange filing . The good deal is expected to close in the June quarter , subject to regulatory approvals .
The announcementconfirms TechCrunch ’s reportfrom to begin with this month .
The batch give Unilever ’s Indian unit a stronger foothold in the premium dish segment , add to its portfolio of brands like Dove , Pond ’s , and Lakmé . Minimalist , known for its active - led skin care product , reported one-year tax income rivulet rate of over ₹ 5 billion and has been profitable since inception .
Minimalist has built a solid comportment in e - commerce , which Hindustan Unilever plans to complement by lucubrate the brand ’s offline distribution using its extensive retail web .
Founded in 2020 by Mohit Yadav and Rahul Yadav , Jaipur - based Minimalist sells a range of production , from sunscreens to hairsbreadth - resort serums . The startup had previously attracted investing from Unilever Ventures in its Series A round in 2021 . Peak XV was its first institutional investor , leading the semen financial support in the inauguration through itsSurge platformin late 2019 . Minimalist was one of the earlier startups in the Surge portfolio .
The acquisition follows Hindustan Unilever ’s expansion into health and well - being through acquisitions of Oziva and Wellbeing Nutrition last year .
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“ This acquisition is another key footstep to grow our Beauty & Wellbeing portfolio in the high increment masstige beauty segment , ” Rohit Jawa , CEO of Hindustan Unilever , say in a statement .
Minimalist ’s founders will continue to execute the business organization for two years after the tidy sum closes .
The deal economic value Minimalist high than the roughly $ 300 million evaluation it reportedly sought when assay to raise speculation capital in the 2nd half of last class , according to previous media write up .
