Consumer goods giant Hindustan Unilever is in advanced talks to buy four-year-old direct-to-consumer startup Minimalist for up to $350 million, according to two people familiar with the matter.
An acquisition would add to the Unilever subsidiary’s buying spree in India, where it expanded into the health and wellness category by acquiring Oziva and Wellbeing Nutrition a year ago.
“In line with our business strategy, on an ongoing basis, we evaluate various strategic opportunities for growth and expansion of our business,” a Hindustan Unilever spokesperson told TechCrunch in a statement.
An acquisition would also expand the skin care portfolio of Unilever’s Indian subsidiary, which has a market cap of over $65 billion. HUL operates brands including Dove, Pond’s, Lakme, Sunsilk, Lux and Lifebuoy.
Talks are ongoing, but a deal has not yet been finalized, the people warned, requesting anonymity because the discussions are private.
In the second half of last year, Minimalist tried to attract interest from equity firms to secure capital at a valuation of around $300 million, according to the Mint newspaper.
The Jaipur-based minimalist operates a skincare brand, selling a wide range of products ranging from sunscreen to hair repair serum. It saw its revenue jump 89% to $40.8 million in the fiscal year ending in March 2024. The startup also said it was 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.
Partners Minimalist and Peak XV did not respond to requests for comment.
