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

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.

The acquisition would add to Unilever’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, we are continuously evaluating various strategic opportunities to grow and expand our business,” a Hindustan Unilever spokesperson told TechCrunch in a statement.

The acquisition will also expand Unilever’s Indian skincare portfolio, which has a market value of over $65 billion. HUL operates brands including Dove, Pond’s, Lakme, Sunsilk, Lux and Lifebuoy.

The people, who requested anonymity because the deliberations are private, cautioned that the talks are continuing, but the agreement has not yet been finalized.

In the second half of last year, the minimum I tried the area of ​​interest From venture capital firms to secure capital worth about $300 million, according to the Mint newspaper.

Based in Jaipur minimum She runs a skincare brand, selling a wide range of products, including sunscreen and hair repair serum. It saw its revenue increase 89% to $40.8 million in the fiscal year ending March 2024. The startup also said it was profitable.

Hindustan Unilever is an investor in Minimalist, having participated in the startup’s seed round in mid-2021 through its venture arm Unilever Ventures. Peak XV was Minimalist’s first institutional investor, leading the startup’s seed funding in late 2019.

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