HUL Acquires 90.5% of Minimalist for Rs 2,955 Crore
Hindustan Unilever takes a 90.5% stake in Jaipur-based Minimalist parent Uprising Science at a Rs 3,000 crore enterprise valuation, with the remaining 9.5% to be acquired over two years. The deal bolsters HUL's science-led Beauty & Wellbeing play in India's fast-growing masstige actives segment.
What happened
Hindustan Unilever · HUL to acquire 90.5% of Minimalist parent Uprising Science for Rs 2,955 crore, valuing the digital-first premium skincare brand at Rs 3,000
Key facts
- Rs 2,955 crore deal value
- 90.5% stake upfront
- 9.5% over 2 years
- Rs 3,000 crore enterprise valuation
- Rs 347 crore FY24 turnover
- Rs 500 crore FY25 projected revenue
Why this matters
HUL's staged 90.5%-now/9.5%-later structure at Rs 2,955 cr offers a template for founder-retention deals in high-growth D2C beauty acquisitions.
What to watch
- HUL Q4 FY25 commentary on Beauty & Wellbeing segment margins
- Minimalist's offline retail rollout cadence and GT penetration
- Competing PE/strategic bids for Foxtale, Pilgrim, Dot & Key within 6 months
- Founder retention clauses and earn-out structure disclosures
- CCI approval timeline and any conditional remedies
- Map HUL's likely next D2C targets in haircare and color cosmetics
- Track Minimalist SKU expansion into HUL's modern trade and Shop-in-Shop network
- Benchmark valuation multiple vs Honasa, Plum, MamaEarth comparables
- Monitor Nykaa and Tira private-label response in actives category