Hindustan Unilever completes buying 90.5% stake in Minimalist for Rs 2,706 crore

Hindustan Unilever Ltd. has finished acquiring 90.5% of Uprising Science, the Jaipur company behind skincare label Minimalist, for Rs 2,706.45 crore in cash.

The transaction, cleared by the Competition Commission of India on March 17, was executed through a mix of primary infusion and secondary share purchase, the fast‑moving consumer‑goods giant told the stock exchanges.

Path to full control in two years

Earlier this year, HUL said the company will acquire the remaining 9.5% stake in about two years from the completion date as per the terms set out in the share purchase & subscription agreement executed by and between the parties.

Minimalist offerings

Minimalist is operated by Uprising Science Private Limited, incorporated in May 2018. The brand debuted in 2020 and was co-founded by brothers Mohit Yadav and Rahul Yadav, who have built the company on the principle of transparency in skincare and haircare products, adopting the tagline #HideNothing.

The brand, which specialises in skin and hair care products such as serums, toners and moisturisers, focuses on actives-led formulations that promise efficacy driven by science.

Minimalist sells its offerings through its own website and major e-commerce platforms, including Amazon, Nykaa and Flipkart.

As part of the deal, the Yadav brothers will continue to manage the business for the next two years.

Financial performance

Despite its young age, Minimalist has posted remarkable growth and remained profitable since inception. The brand's turnover increased from Rs 103 crore in FY 2021-22 to Rs 184 crore in FY 2022-23, then jumped to Rs 347 crore in FY 2023-24. Unaudited management results for the December 2024 quarter suggest its Annual Revenue Run Rate (ARR) now exceeds Rs 500 crore. 

During this period, profits have more than doubled, rising from Rs 5 crore to Rs 11 crore.

According to industry data, Minimalist’s valuation soared from around Rs 630 crore about three years ago to nearly Rs 3,000 crore in large part due to disciplined spending and consistently strong revenues.