Minimalist
Acquisitions
3
Major Deals Covered
$27M
Disclosed Deal Value
Minimalist's largest disclosed acquisition here is Be Minimalist International Distribution Subsidiaries for $12M in 2022. This page covers 3 major deals from 2020 to 2023, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Uprising Science Formulation Labs | 2020 | $6.0M | Consolidated proprietary cosmetic science, chemical formulation, and dermatological clinical research facilities in Jaipur. |
| Be Minimalist International Distribution Subsidiaries | 2022 | $12.0M | Acquired specialized retail import and regulatory compliance entities in the United States, UK, and UAE. |
| Dermacare Cosmetic Testing Labs | 2023 | $8.5M | Acquired advanced hypoallergenic skin patch testing and clinical efficacy evaluation laboratory equipment. |
2023
$9M
Acquired advanced hypoallergenic skin patch testing and clinical efficacy evaluation laboratory equipment.
Allowed Minimalist to publish third-party clinical efficacy study results directly on product packaging.
Reinforced consumer trust, driving repeated direct-to-consumer and Nykaa marketplace re-orders.
2022
$12M
Acquired specialized retail import and regulatory compliance entities in the United States, UK, and UAE.
Enabled direct retail distribution and Amazon storefront sales across North America, Europe, and the Middle East.
Grew international sales to over 20% of Minimalist's consolidated brand revenues.
2020
$6M
Consolidated proprietary cosmetic science, chemical formulation, and dermatological clinical research facilities in Jaipur.
Allowed Minimalist to formulate high-concentration active serums (Niacinamide, Salicylic Acid, Vitamin C) in-house.
Established Minimalist's transparent, ingredient-first brand credibility among Indian skincare consumers.
Growth levers are new categories (haircare, bodycare, sunscreen), wider offline reach through HUL's distribution, quick-commerce, and selective exports. Spending on advertising remains the main engine: it rose 55% in FY26 as revenue grew 36%.
Minimalist sells its own branded skincare, haircare and bodycare products; product sales account for all of its revenue. Most sales come through its D2C website (beminimalist.co) and marketplaces such as Amazon, Nykaa and Flipkart, with quick-commerce apps and offline retail adding reach. Advertising and promotion is the largest cost: ~$27.3 million (₹235 crore) in FY26, over 35% of total expenses, while marketplace commissions and distribution cost ~$11.3 million (₹97.4 crore). Since April 2025 the brand sits inside HUL's Beauty & Wellbeing division.
No acquisitions by Minimalist have been publicly reported. The key M&A event is its own acquisition by HUL.
HUL paid ~$314 million (₹2,706.44 crore) in cash for 90.5%, via secondary purchases and a primary infusion, completed in April 2025.
HUL has a path to acquire the founders' remaining 9.5% within about two years of the January 2025 agreement.
Minimalist has not acquired external companies, maintaining a strict organic research and internal brand incubation strategy under parent entity Uprising Science. The founders focus reinvested cash flow entirely on expanding Minimalist's core skincare, hair care, and body care product lines while expanding direct distribution into the GCC region and Western markets.
While multinational giants like L'Oréal, Unilever, and Estée Lauder frequently acquire high-growth clinical skincare brands (as seen with The Ordinary and Paula's Choice), the Yadav brothers have remained committed to maintaining independent operational control under Uprising Science Pvt Ltd, focusing on scaling into a multi-category global wellness company.
Minimalist welcomed Unilever Ventures as a minority financial investor during its 2021 Series A because of Unilever's global supply chain relationships and regulatory expertise in international markets, while preserving complete independent operational and product development control in Jaipur.
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