Consumer goods giant Hindustan Unilever is in advanced talks to acquire four-year-old direct-to-consumer startup Minimalist for up to $350 million, according to two people familiar with the matter.
An acquisition would boost Unilever's Indian subsidiary, which expanded into the health and wellness category a year ago by acquiring Oziva and Wellbeing Nutrition.
“In line with our business strategy, we continue to evaluate strategic opportunities for growth and expansion of our business,” a Hindustan Unilever spokesperson told TechCrunch in a statement.
An acquisition broadens the skincare portfolio of Unilever's Indian subsidiary, which has a market capitalization of more than $65 billion. HUL is Dove; Pond's, Lakme, Sunsilk, It operates brands including Lux and Lifebuoy.
Talks are ongoing but no agreement has been reached, the people cautioned, speaking on condition of anonymity because the talks are private.
In the second half of last year, it was Minimalist. Tried to be interested in various fields. Mint newspaper reported that the capital from venture capital firms will be valued at around $300 million.
Based in Jaipur Simple It operates a skin care brand and sells a variety of products, including sun creams and hair repair serums. The fiscal year ending March 2024 saw its revenue grow 89% to $40.8 million. Starting a business is also said to be profitable.
Hindustan Unilever is an investor in Minimalist, which took part in the startup's Series A round in mid-2021, and through its venture Unilever Ventures, Peak XV was the first institutional investor in Minimalist and led the startup's seed funding in late 2019.
Minimalist and Peak XV Partners did not respond to requests for comment.