Shopper items large Hindustan Unilever is in superior talks to amass four-year-old direct-to-consumer startup Minimalist for as much as $350 million, in line with two folks aware of 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 Diet a 12 months in the past.
“In step with our enterprise technique, on an ongoing foundation, we consider varied strategic alternatives for the expansion and enlargement of our enterprise,” a Hindustan Unilever spokesperson instructed TechCrunch in a press release.
An acquisition may also 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 folks cautioned, requesting anonymity because the deliberations are personal.
Within the second half of final 12 months, Minimalist tried to subject curiosity from enterprise capital companies to safe capital at about $300 million valuation, in line 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 12 months ended March 2024. The startup additionally stated it was worthwhile.
Hindustan Unilever is an investor in Minimalist, having participated within the startup’s Collection 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 Companions didn’t reply to requests for remark.
