Hindustan Unilever Limited (HUL) is close to finalizing a deal to acquire Minimalist, a Jaipur-based skincare startup backed by Peak XV Partners, for Rs 3,000 crore ($350 million), according to sources cited by Moneycontrol. If successful, the acquisition would mark a significant milestone for Minimalist, whose valuation has surged from Rs 630 crore ($75 million) to Rs 3,000 crore in just three years, driven by robust revenue growth and stable profitability. The transaction would be among the largest in the direct-to-consumer (D2C) skincare sector in recent years.

Minimalist reported a revenue of Rs 350 crore in FY24, an 89% increase from Rs 184 crore in FY23. Its profits more than doubled during the same period, rising from Rs 5 crore to Rs 11 crore. Known for its financial discipline, Minimalist commands a revenue multiple of 10X—significantly higher than the 4-6X multiple typical for similar D2C deals.

HUL stated that it routinely evaluates strategic opportunities to grow its business and will disclose developments as required. Minimalist’s founders, Mohit and Rahul Yadav, have not commented on the matter.

The acquisition follows HUL’s earlier investment in Minimalist through Unilever Ventures in 2021 and reflects a broader trend of FMCG giants acquiring emerging brands to tap younger consumers and expand digital reach. Unlike many D2C startups that struggle to scale and sell at discounts, Minimalist stands out as a rare success story in the space, showcasing sustained growth and profitability.