Consumer items big Hindustan Unilever is in superior talks to accumulate four-year-old direct-to-consumer startup Minimalist for as much as $350 million, in keeping with two individuals accustomed to the matter.
An acquisition would add to the Unilever subsidiary’s shopping for spree in India, the place it expanded into the well being and wellbeing class by buying Oziva and Wellbeing Nutrition a yr in the past.
“In line with our enterprise technique, on an ongoing foundation, we consider numerous strategic alternatives for the expansion and enlargement of our enterprise,” a Hindustan Unilever spokesperson instructed TechCrunch in a press release.
An acquisition can even broaden the skincare portfolio of Unilever’s Indian subsidiary, with a market cap of over $65 billion. HUL operates manufacturers together with Dove, Pond’s, Lakme, Sunsilk, Lux and Lifebuoy.
The talks are ongoing, however a deal is but to be finalized, the individuals cautioned, requesting anonymity because the deliberations are non-public.
In the second half of final yr, Minimalist tried to subject curiosity from enterprise capital corporations to safe capital at about $300 million valuation, in keeping with newspaper Mint.
Jaipur-based Minimalist operates a skincare model, promoting a wide-range of merchandise, together with sunscreen to hair restore serum. It noticed its income surge 89% to $40.8 million within the fiscal yr ended March 2024. The startup additionally stated it was worthwhile.
Hindustan Unilever is an investor in Minimalist, having participated within the startup’s Series A spherical in mid-2021 via its enterprise arm, Unilever Ventures. Peak XV was the primary institutional investor in Minimalist, main the startup’s seed funding in late 2019.
Minimalist and Peak XV Partners didn’t reply to requests for remark.
