Minimalist at a glance
Minimalist (Be Minimalist) is a skincare and haircare brand from Jaipur, run by Uprising Science Private Limited. Brothers Mohit Yadav and Rahul Yadav launched it in October 2020. Its labels lead with the active ingredient and its strength, such as Niacinamide 10% or Salicylic Acid 2%, instead of a marketing name.
Founders and early years
Mohit Yadav is a chartered accountant who worked at Deloitte and Credit Suisse. Rahul Yadav is a chemical engineer from IIT Roorkee. They started out in 2008 with Scopial Fashion, which became kids' brand Mangostreet. Neither early venture succeeded, and Mohit has said he mortgaged the family home to raise ~$116,000 (₹1 crore) for Minimalist.
Funding and the HUL deal
In July 2021 Minimalist raised a ₹110 crore ($15 million) Series A led by Peak XV Partners, with Unilever Ventures. On 23 January 2025 Hindustan Unilever agreed to buy 90.5% of Uprising Science at a ~$343 million (₹2,955 crore) pre-money enterprise value. The CCI cleared the deal in March and it closed in April 2025 for ~$314 million (₹2,706.44 crore) in cash. HUL can buy the founders' remaining 9.5% within about two years. Minimalist now sits in HUL's Beauty & Wellbeing division.
Financials
Revenue from operations grew from ~$21.3 million (₹184 crore) in FY23 to ~$40.3 million (₹347.4 crore) in FY24, when profit was about $1.25 million (₹10.8 crore). FY25 revenue rose roughly 48% to about $59.7 million (₹515 crore), but one-off items linked to the acquisition led to a loss. In FY26, its first full year under HUL, consolidated revenue rose 36% to ~$80.1 million (₹690.2 crore), EBITDA was about $4.66 million (₹40.2 crore) and profit after tax was ~$3 million (₹25.9 crore). Advertising, at ~$27.3 million (₹235 crore), was the largest cost.
Competitors
Minimalist competes with The Derma Co (Honasa Consumer), The Ordinary, Foxtale, Dr. Sheth's, Plum and Deconstruct, as well as global beauty groups. Consolidation is picking up: L'Oréal agreed in 2026 to take a majority stake in Innovist, owner of Bare Anatomy and Chemist at Play.
