HUL-Owned Minimalist Revenue Spikes 48% to Rs 515 Cr in FY25

Why It Matters

The deal signals major FMCG players’ push into high‑growth D2C beauty segments and validates Minimalist’s rapid scaling despite thin margins.

Key Takeaways

• Revenue rose 48% to Rs 515 crore FY25
• Advertising costs exceeded 30% of total expenses
• EBITDA stayed positive at Rs 18 crore
• HUL acquired 90.5% stake for Rs 2,955 crore
• Net loss driven by Rs 46 crore exceptional items

Pulse Analysis

Minimalist’s FY25 performance underscores the accelerating momentum of India’s direct‑to‑consumer beauty market. Founded in 2020, the Jaipur‑based skin and hair care brand leveraged a multi‑platform e‑commerce strategy to lift revenue from Rs 347 crore to over Rs 514 crore in just one year. This growth outpaces many traditional FMCG players, reflecting strong consumer appetite for niche, ingredient‑focused products and the effectiveness of digital‑first distribution channels.

The financials reveal a classic scaling trade‑off: operating expenses surged 51% as advertising, material inputs, and marketplace commissions climbed. Advertising alone consumed more than a third of total spend, highlighting the brand’s reliance on paid media to acquire customers in a crowded online space. Nevertheless, Minimalist managed to keep EBITDA marginally positive, suggesting that incremental revenue is beginning to offset the high cost base. The one‑time Rs 46 crore exceptional charge, which drove a net loss, appears unrelated to core operations and may recede once the HUL integration proceeds.

HUL’s acquisition of a 90.5% stake at a Rs 2,955 crore valuation marks one of the largest D2C deals in the region, providing the brand with deep pockets and supply‑chain expertise. For HUL, the purchase offers a fast‑track entry into the premium personal‑care segment and a platform to experiment with agile, data‑driven marketing. Going forward, Minimalist is likely to benefit from synergies in distribution and R&D while retaining its digital‑native DNA, positioning it as a bellwether for how legacy FMCG giants can successfully assimilate high‑growth startups.