Hindustan Unilever Ltd (HUL) has officially completed its acquisition of a 90.5% stake in Uprising Science Pvt Ltd, the parent company of popular D2C personal care brand Minimalist, in a deal valued at ₹2,706.44 crore. The acquisition was executed through a combination of primary capital infusion and secondary share purchases, making Minimalist and its subsidiaries wholly owned subsidiaries of HUL.
The development comes just a month after the Competition Commission of India (CCI) approved the deal. HUL initially announced the acquisition in January 2025, valuing the deal at a pre-money enterprise value of ₹2,955 crore, making it one of the largest in India’s D2C sector in recent years.
As part of the deal, HUL will acquire the remaining 9.5% stake in Minimalist over the next two years for an additional ₹45 crore. Notably, early investor Peak XV Partners reportedly exited the startup with a 10X return, cashing out ₹800 crore from an original ₹80 crore investment.
Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist offers a wide range of skincare, haircare, and bodycare products. The brand has raised nearly $15 million from investors like Unilever Ventures, Twenty Nine Capital Partners, and Peak XV.
Financially, Minimalist posted strong growth in FY24, with net profit rising 110% to ₹10.9 crore and revenue surging 89% to ₹347.4 crore, reflecting the growing consumer shift toward online-first personal care brands in India’s booming D2C ecosystem.
