Mumbai | 29th July 2021: Minimalist, a new-age homegrown skincare brand, has raised Series A funding of INR 110 Crores (~US$15 million) through multiple international investors in just nine months of its inception. This milestone validates the brand as a forerunner in the personal care segment. The round was led by Sequoia Capital India, with participation from Unilever Ventures.
The brand plans to utilise the funds to enhance its infrastructure and R&D capabilities, launch in global markets, as well as double down on its content creation efforts by sharing well-researched knowledge about skincare with its consumers.
Launched in 2020 by Mohit and Rahul Yadav, Minimalist, which is a mission-driven brand committed to bringing high levels of efficacy and transparency to the personal care segment, is rapidly gaining popularity due to its values and ethos.
So far, they have served over 1 million customers and is the fastest growing skincare brand in India. Their products are popular among both women and men looking for solutions to acne, pigmentation, excess sebum, dull skin etc. 82.7% of their customers rate them as excellent – with their Niacinamide, Vitamin C, Salicylic Acid & AHA PHA BHA peel being cult favourites.
Speaking about the fundraise, Mohit Yadav, Co-founder – Minimalist, said, “Consumers today are looking beyond marketing claims and are seeking efficacy based skincare products. Our growth so far proves that a radical change in the skincare industry is underway. Together with our customers, we are creating ‘Skincare 2.0’ by offering proven solutions driven by scientific innovations.”
Having a portfolio of diverse skincare and hair care products, the brand retails through its own website, along with e-commerce giants like Amazon, Nykaa, Flipkart, Myntra, and numerous other marketplaces. Minimalist currently offers 20 products ranging from serums, toners, face acids and moisturizers that are well researched, backed by proven science, safe, effective, mindfully created, and suited for all skin types.
“Minimalist’s products take an efficacy-first approach using transparency and science as underpinnings to improving personal care outcomes. This has resulted in a strong following and business momentum. Having seen the power of Mohit and Rahul’s execution over many years, Sequoia Capital India is thrilled to lead the Series A financing in the company,” said Shailesh Lakhani, Managing Director, Sequoia India.
“Minimalist is trailblazing science-backed clean beauty formulations in India, a trend that has gained massive consumer acceptance worldwide and with growing consumer traction in India. We look forward to working with the founders and management team along with our fellow investors in supporting the brand’s ambitions over the coming years” said Pawan Chaturvedi, Partner at Unilever Ventures.
Sequoia Capital India operates in India and Southeast Asia, where they actively partner with founders across sectors from idea to IPO. Unilever Ventures is the venture capital arm of British multinational consumer goods company Unilever PLC that invests in fast growing companies across consumer and enterprise technology.
