With skincare trends shifting quicker than one can blink, Jaipur-based startup Minimalist has decided to forge a different route. Minimalist has gained its popularity quite rapidly in the skincare niche since it offers simple solutions for different skin issues.
Minimalist: Overview
Established in 2018, Minimalist is an Indian skincare brand that has found its way to people’s affection. The simplicity and effectiveness of the brand have placed it amidst the giant beauty brands both locally and internationally. From its humble beginnings, Minimalist has grown to become a household name in skincare, known for its cruelty-free and effective products that cater to various skin needs. Their mission is to provide clear, uncluttered communication and effectiveness in each remedy.
| Category | Details |
| Brand Name | Minimalist |
| Founded | 2018 |
| Headquarters | Jaipur, India |
| Founders | Mohit and Rahul Yadav |
| Manufacturing Facility Location | Jaipur, India |
Location and Origins
Minimalist Company headquarters are located in Jaipur, which is regarded as one of the oldest cities and tourist paradises in India. The company is originally associated with ideas of purity, simplicity and transparency, which used to represent the brand of skincare solutions offered by the company.
Minimalist Success: A Remarkable Growth Journey
The growth of Minimalist has been phenomenal because of the following reasons:
The financial results include INR 110 crore ($15 million) funding by Peak XV Partners, including (ex Sequoia Capital). India, and Unilever Ventures in July 2021. This meant that this brand was in a position to expand its operation and venture into other ways of differentiating itself, as this can be seen below.
They really do; they describe it all very eloquently; the numbers speak for themselves. For FY23, the company reported an operating revenue of INR 184 crore, up from INR 108 crore in the prior year, with a growth of 70.37%. The fast-growing startup shows its potential outreach to a discriminating market that is getting saturated day by day.
Minimalist Success: Carving a Niche with Innovation
With the skincare category being one of the fastest-growing categories, Minimalist wants to carve a niche for itself in innovation, especially on serums. It says that an effort is being made to make ingredient information a matter of focus for the brand.
What Has Been Achieved In Funding Till Date For Minimalist?
Minimalist has received $17 million in funding, two rounds. The start-up closed its first round in 2019 and then a significantly larger Series A last year. This funding has allowed Minimalist to progress toward their goal of providing affordable and sleek products and to expand operations and reach new consumers.
The company has been valued most recently at $76,917,590 as of July 23, 2021. This speaks volumes about the faith in the business model that the brand carries forward and the further aggrandizement that it can achieve.
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What Is the Latest Funding for Minimalist?
The lasting round for Minimalist we can track was the Series A round, which was closed on July 23, 2021, allowing the company to fund $15 million. This round was significant in building up the company’s market standing for Minimalist and providing funds for the next phases of its growth.
The investors that participated in this Series A financing are Unilever Ventures and Peak XV Partners. These active investors have embraced the company’s concept of value-added innovation within their relevant space for better customer satisfaction.
Recent Funding Rounds of Minimalist
| Date of Funding | Funding Amount | Round Name |
| Jul 23, 2021 | $15M | Series A |
| Sep 24, 2019 | $2.02M | Seed |
Minimalist’s Growth Trajectory
The company has had a great opportunity to grow its business further after landing efficient seed and Series A funding rounds as well. The investment by the distinguished investors like Unilever Ventures and Peak XV Partners consolidates the organization’s business model, market specifics, and future development opportunities.
With more investment being channelled towards it and with the company developing its products and services, Minimalist is poised to become a leader in its industry by providing such individuals with products they need in terms of simple and quality affairs.
Minimalist Success: Annual turnover and business profitability
Thus, it is stated that by the end of March 31, 2024, the company’s annual revenue increased to more than $ 42.2 million. The Minimalist Brand is now among the top companies in the skincare industry.
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It also takes on misconceptions about chemicals in skincare, hence the name, minimalist. When one hears of the word chemical, what comes to his mind is few doctors Messing up with some test tubes and beakers. And natural refers to such elements as plants, outdoors and the like.
But not all chemicals are bad for us and the reminders of the products are made of harmless chemicals.
Developing that awareness has been one of the main issues for us,” explains Mohit.
The brand further highlights that while 100 % ‘natural’ does not always mean ‘safe and effective’ skincare available in the market.
Because Minimalist takes time and effort to inform consumers about how their products came to be, it is linking well into the market .
Promoting Quality with Internal Skill Base
Again, to ensure high standard output, Minimalist currently employs a dedicated research and development team of between 10 and 12 individuals. Moreover, a manufacturing unit in Jaipur helps the growing operations of the company.
Since its demand has risen to up to 10,000 orders per day, the firm is now actively expanding its production capacity in Jaipur.
This move will ensure Minimalist can keep pace with its ambitious growth trajectory.
Minimalist Success: Rapid Adoption and Nationwide Reach
Although the brand faced slow adoption initially, things changed rapidly after its launch. “Initially, the adoption was slow as people were still testing our product. But once the word started spreading after 30-60 days of launch, we saw a major rise in our sales,” recalls Mohit.
Today, Minimalist is growing at an impressive 100% month-on-month. The brand’s products are available across multiple marketplaces, including Amazon, Nykaa, and Flipkart, enabling it to cater to a nationwide audience.
Who Are the Competitors of Minimalist?
Minimalist operates in a highly saturated industry containing many skincare and beauty brands where more companies strive to capture clients who are in search of products that will solve their skin issues.
Here are some of the key competitors of Minimalist:
Mamaearth
Mamaearth is an internet-first beauty brand that houses multi-category beauty care products across the USA and Southeast Asia. Popular for simple natural herbs to more elaborate synthetic chemical-free ingredients, the company is famous in India and other countries.
Mamaearth has been backed by 18 investors, including Sofina and Peak XV Partners, with the company raising $89.4 million.
MyGlamm
MyGlamm is another huge contender in the online beauty market and the company was established in 2015. The brand claims to sell beauty and personal care products and is developing an e-commerce commerce-centered retail strategy.
MyGlamm named Aileen Lao as Chief Financial Officer and recently received $106 million in funding from investors like Bessemer Venture Partners and Accel.
WOW Skin Science
WOW Skin Science is an internet-first brand that offers buyers organic beauty products. It targets its clients to be a leading organic skincare brand by providing them with skincare and wellness products that are naturally made.
Singapore’s GIC, along with ChrysCapital, has invested approximately $98 million in WOW Skin Science.
Pilgrim
Pilgrim is relatively young, established in 2019, as a company operating in the beauty niche. The brand includes a portfolio of natural beauty care products and has recently attracted attention for clean, non-cruelty beauty.
Some of the significant investors of Pilgrim today are Vertex Ventures and the Narotam Sekhsaria Family Office, with Pilgrim enjoying $33M in funding.
Minimalist Success: A Vision for the Future
With backing from heavyweights like Sequoia Capital India’s Surge Fund and Unilever Ventures, Minimalist is well-positioned to continue its growth. The founders aim to achieve a revenue run rate of INR 150 crore by the end of this financial year.
Minimalist’s journey from a budding startup to a recognized name in the skincare industry is a testament to the power of innovation. transparency, and consumer-centricity. As the brand continues to evolve, it’s clear that Mohit and Rahul Yadav’s vision is reshaping the landscape of skincare in India.
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HUL in Talks to Acquire Skincare Startup Minimalist for ₹3,000 Crore
Hindustan Unilever Limited (HUL), India’s FMCG giant, is reportedly in advanced discussions to acquire Minimalist, a Jaipur-based skincare startup, for ₹3,000 crore ($350 million). This potential acquisition highlights the growing significance of direct-to-consumer (D2C) brands in the FMCG space.
Minimalist, known for its effective and transparent skincare products, has experienced remarkable growth since raising ₹110 crore ($15 million) from Unilever Ventures three years ago. Its valuation has skyrocketed from ₹630 crore to ₹3,000 crore, thanks to a strong financial track record.
The startup’s revenue grew by 89% in FY24 to₹350 crore, with profits doubling from₹5 crore to₹11 crore during the same period.
If finalized, this deal will be a strategic win for both HUL and Minimalist. For HUL, acquiring Minimalist will strengthen its skincare portfolio and allow it to connect with younger, digitally-savvy consumers.
Minimalist, in turn, will gain access to HUL’s extensive distribution network, marketing expertise, and operational resources, positioning it for accelerated growth.
This acquisition comes amidst a broader trend of FMCG giants acquiring D2C startups to expand their digital reach and leverage their customer-focused innovations. Recent examples include Marico’s acquisition of Beardo and ITC’s purchase of Yogabar.
However, unlike many startups acquired at discounts due to scaling challenges, Minimalist’s profitability and disciplined financial approach make it a standout in the sector.
HUL’s potential acquisition of Minimalist exemplifies the evolving landscape of the FMCG industry, where innovation and technology are driving growth.
Conclusion
Minimalist’s remarkable journey from a small Jaipur-based startup to a leading name in the skincare industry exemplifies the power of innovation, simplicity, and transparency.
