In January 2025, Hindustan Unilever Limited (HUL) announced a strategic acquisition that sent ripples across India’s consumer goods and startup ecosystem. The multinational FMCG giant signed a definitive agreement to acquire a 90.5 percent stake in Uprising Science Pvt. Ltd., the parent company of the skincare brand Minimalist, for a staggering ₹2,995 crore, approximately $350 million. This landmark transaction marks one of the largest direct-to-consumer (D2C) beauty brand acquisitions in India and reflects a growing trend of legacy corporations embracing digital-first, science-led startups to future-proof their portfolios.
Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist quickly rose to prominence as a transparent, science-backed skincare brand that resonated with millennial and Gen Z consumers. With its tagline “Hide Nothing,” the brand built a loyal customer base by offering clinically effective formulations, clear ingredient disclosures, and a minimalist aesthetic. Within five years, Minimalist scaled profitably, attracting venture capital from Peak XV Partners (formerly Sequoia Capital India) and becoming a poster child for India’s D2C revolution.
HUL’s acquisition of Minimalist is not merely a financial transaction. It is a strategic maneuver aimed at strengthening its Beauty & Wellbeing segment, which has been undergoing a transformation to meet evolving consumer preferences. The deal enables HUL to tap into the fast-growing active skincare category, a space dominated by digitally native brands that prioritize efficacy, transparency, and personalization. According to HUL’s official press release dated January 22, 2025, the acquisition aligns with its ambition to build a portfolio of premium, high-growth brands that cater to discerning consumers seeking science-led beauty solutions.
The structure of the deal is equally noteworthy. HUL will acquire the initial 90.5 percent stake through a combination of secondary buyouts and primary capital infusion. The remaining 9.5 percent will be acquired within two years, subject to regulatory approvals and performance milestones. This phased approach allows Minimalist’s founders to continue managing operations during the transition period, ensuring continuity and preserving the brand’s core ethos. As per the Economic Times report, Rahul and Mohit Yadav will remain actively involved in steering the brand’s growth trajectory until full integration is achieved.
Legal advisory for the transaction was handled by some of India’s most prestigious law firms, underscoring the complexity and significance of the deal. Cyril Amarchand Mangaldas (CAM) represented HUL, leading the due diligence, transaction structuring, and documentation. Trilegal advised the founders of Minimalist, ensuring their interests were protected during negotiations. Khaitan & Co. represented Peak XV Partners, one of the key investors in Minimalist, while IndusLaw provided additional counsel to stakeholders involved in the transaction. The multi-firm collaboration highlights the increasing sophistication of M&A deals in India, especially those involving multiple parties, venture capital interests, and strategic buyers.
This acquisition is emblematic of a broader shift in India’s consumer landscape. Traditional FMCG companies are increasingly looking beyond legacy brands to acquire agile, digitally native startups that offer differentiated value propositions. The success of Minimalist demonstrates the power of consumer-centric innovation, data-driven marketing, and direct engagement through digital channels. For HUL, the deal is a gateway to deeper penetration in the premium skincare segment, which has witnessed exponential growth driven by rising disposable incomes, urbanization, and increased awareness of dermatological health.
From an investment perspective, the deal validates the thesis that Indian D2C brands can scale profitably and attract strategic exits. It also signals to venture capitalists and founders that building a brand with strong fundamentals, transparent practices, and consumer trust can lead to lucrative outcomes. The valuation of ₹2,995 crore reflects Minimalist’s robust financial performance, brand equity, and growth potential. It sets a benchmark for future acquisitions in the beauty and personal care space, encouraging more entrepreneurs to explore science-led formulations and digital-first business models.
The implications of this deal extend beyond the beauty industry. It showcases how legal advisors, investors, and corporate strategists are collaborating to navigate complex transactions that involve intellectual property, brand integration, regulatory compliance, and cultural alignment. For law firms like CAM, Trilegal, Khaitan & Co., and IndusLaw, the deal is a testament to their expertise in handling high-stakes M&A transactions that require precision, agility, and strategic foresight.
In the next section, I’ll explore the regulatory landscape, integration strategy, and long-term impact of this acquisition on India’s M&A ecosystem and startup culture. Let me know if you’d like this as a downloadable document or formatted for LinkedIn or Medium.
