Consumer goods giant Hindustan Unilever is in talks to buy four-year-old direct-to-consumer startup Minimalist for up to $350 million, two people said.
Unilever's subsidiary in India acquired Ojiva & Wellbeing Nutrition a year ago, expanding its business into the health and welfare sector, and if the acquisition goes through, it will further accelerate its buying spree in India. It will be.
“In line with our business strategy, we are continuously evaluating various strategic opportunities for growth and expansion of our business,” a Hindustan Unilever spokesperson told TechCrunch in a statement.
The acquisition also expands Unilever's Indian subsidiary's portfolio of skin care products, giving it a market capitalization of more than $65 billion. HUL operates brands such as Dove, Pond's, Lakme, Sunsilk, Lux and Lifebuoy.
Negotiations are ongoing, but no deal has been finalized yet, the people cautioned, requesting anonymity because deliberations are private.
In the second half of last year, Minimalist sought to attract interest from venture capital firms to secure capital at a valuation of about $300 million, according to Mint.
Jaipur-based Minimalist runs a skincare brand and sells a wide range of products from sunscreens to hair repair serums. Revenue for the fiscal year ended March 2024 increased 89% to $40.8 million. He also said the startup is profitable.
Hindustan Unilever is an investor in Minimalist, having participated in the startup's Series A round in mid-2021 through its venture arm, Unilever Ventures. Peak XV was the first institutional investor in Minimalist, leading the startup's seed funding in late 2019.
Minimalist and Peak XV partners did not respond to requests for comment.