FMCG giant Hindustan Unilever Limited (HUL) has acquired a 90.5% stake in Uprising Science Private Ltd, the parent company of skincare startup Minimalist, for ?2,955 crore, the company announced today alongside its quarterly results.
As part of the transaction, HUL will purchase the 90.5% stake from existing investors, including Peak XV Partners and others.
This acquisition marks one of the largest deals in the direct-to-consumer (D2C) sector in recent years.
Founded by Mohit and Rahul Yadav, Minimalist is a skin and hair care brand known for its range of products, including serums, toners, and moisturizers. The sale of these products was the brand’s sole source of revenue in the last fiscal year.
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