/indianstartupnews/media/media_files/2025/01/23/sH82gDO7Za6JhV9vdrvo.png)
Reacting to Hindustan Unilever Ltd.’s (HUL) acquisition of a 90% stake in skincare startup Minimalist at around Rs 2,955 crore valuation, Shark Tank India judge Aman Gupta took to X (formerly Twitter) and described the deal as a significant milestone for India’s direct-to-consumer (D2C) ecosystem.
The transaction, billed as one of the largest all-cash D2C acquisitions in recent history, is expected to give the founders—who held a 60% stake—more than Rs 1,000 crore.
Gupta, also known for co-founding boAt, said that this acquisition marks a “10x return to investors” and signals that D2C brands can compete on the same level as established legacy players.
He praised the Jaipur-based origin of Minimalist, highlighting that it was built outside traditional startup centers like Delhi, Mumbai and Bengaluru.
"As I read this news, I couldn’t help but think about how far we've come. A few years ago, many said: “D2C kitna hi scale kar sakte hai!” “Asli game toh Legacy brands hi khelte hai," Gupta wrote.
"From – ek chhota sa sapna, ek disruptive idea, aur bohot saari mehnat.. To – The Largest exit, ek industry revolution, aur bohot saari inspiration :) D2C brands are no longer “just” challengers," he added.
HUL's acquisition of a 90% stake in Minimalist for ₹2,955 crore is a BIG BIG WIN for the entire Indian D2C ecosystem!
— Aman Gupta (@amangupta0303) January 22, 2025
* 10x return to investors
* Largest all-cash D2C acquisition
* Founders held 60% stake will make more than 1000 Crore
* Built NOT from Delhi, Mumbai Or…
Netizens reaction
While Aman Gupta praised the move, many users criticized it, calling it "a big loss for founders".
But they could have listed and stayed independent na, why sell?
— Akshay Shah - Founder CEO, iWebTechno | GenZDealZ (@AkshayiWeb) January 22, 2025
I see it as a big loss for the Founders. Prove me wrong !
— Meet Shah (@meetshah123) January 22, 2025
"This deal isn’t just about the money (though, let’s be honest, a 1000-crore payday for the founders is mind-blowing). It’s more about about validation. It’s about showing every aspiring entrepreneur that you don’t need to be in a metro or have decades of legacy to make it big," a user wrote.
They are smarter. If they do not sell the company they know they will not survive in the next 4-5 years.
— Sambhav Jain (@Sambbhav765) January 22, 2025
Hul bought because they are sitting on a huge cash pile and eventually in the long run few companies will be in the game.
"Selling your company is a milestone?" another questioned.
"And in the end, an Indian brand is now a foreign owned brand. That's not how it should end up," a third noted.
D2C me sirf founders, investors aur max to max top management kamati hai. ya to koi acquire kar leta hai ya ipo aa jata hai. sab ko exit mil jata.
— Gautam Sabharwal (@GautamSabharwa1) January 22, 2025
na company ka koi profit se lena dena na employees kuch kamate....
Ye hai asliyat ☺️....