Hindustan Unilever in talks to acquire Peak XV-backed Minimalist for up to $350M

Consumer goods giant Hindustan Unilever is in talks to buy four-year-old Minimalist for up to $350 million, according to two people familiar with the matter.

The acquisition would add to Unilever’s Indian acquisitions, which expanded into the health and wellness sector by acquiring Oziva and Wellbeing Nutrition a year ago.

“In line with our business strategy, on an ongoing basis, we evaluate various opportunities for growth and development of our business,” a Hindustan Unilever spokesperson told TechCrunch in a statement.

The acquisition will also expand Unilever’s skincare portfolio in India, with a market value of over $65 billion. HUL has products like Dove, Pond’s, Lakme, Sunsilk, Lux and Lifebuoy.

The talks are ongoing, but a deal is not yet complete, the people warned, asking not to be named because the talks are confidential.

In the second half of last year, Minimalist tried to attract the attention of the field from financial institutions to raise about $300 million, according to the Mint newspaper.

From Jaipur Minimalist specializes in skin care, selling a variety of products, from sunscreen to hair serum. It saw its revenue rise 89% to $40.8 million in the fiscal year ending March 2024. The relaunch was said to be profitable.

Hindustan Unilever is an investor in Minimalist, having participated in a Series A round in mid-2021 through its arm, Unilever Ventures. Peak XV was Minimalist’s first investor, leading the seed fund in late 2019.

Minimalist and Peak XV Partners did not respond to requests for comment.