In a strong development for D2C news India and the broader D2C ecosystem India, Jaipur-based Minimalist reported a 48% year-on-year jump in operating revenue to ₹514.8 crore in FY25, comfortably crossing the ₹500 crore milestone. The numbers highlight how D2C brands India are steadily maturing within Direct-to-consumer India, especially across D2C beauty and skincare India and D2C personal care brands.
As per consolidated financial statements sourced from the Registrar of Companies (RoC), Minimalist’s revenue from operations increased from ₹347.4 crore in FY24 to ₹514.8 crore in FY25. With ₹2.84 crore added from non-operating income, total income stood at ₹517.6 crore. Sales of serums, toners, moisturizers, and other skin and hair care products continued to remain the sole source of revenue, reflecting a sharp and focused D2C business model India built on product performance and growing consumer trust.
Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist has steadily built its position among the fastest-growing D2C brands in India. The company sells through its own website and major marketplaces such as Amazon, Nykaa, and Flipkart. Its digital-first foundation aligns with evolving D2C consumer behavior India, while its marketplace-led scale reflects the broader conversation around D2C retail vs ecommerce in today’s D2C industry news.
As revenue scaled, investments followed. Advertising and promotional spend reached ₹154 crore in FY25, accounting for over 30% of total expenses and marking a 28% rise over FY24. Material costs increased 57% to ₹146.7 crore from ₹93.7 crore, while distribution costs, largely commissions paid to marketplaces, stood at ₹84.3 crore. Employee benefit expenses rose 29% to ₹36.8 crore. Other overheads, including rent, transportation, legal and professional fees, and warehousing, added ₹82 crore.
Overall expenses rose 51% year-on-year to ₹504 crore in FY25 from ₹333.2 crore in FY24. Despite higher investments, EBITDA remained positive at ₹18 crore, indicating operating discipline even during expansion. The company, however, reported a net loss of ₹31.5 crore due to one-time exceptional expenses worth ₹46 crore, details of which were not disclosed. EBITDA margin stood at 3.45%, while ROCE was reported at 10.55%. On a unit basis, Minimalist spent ₹0.98 to earn one rupee of operating revenue — a closely tracked metric in D2C investor insights.
As of March 2025, the brand reported current assets of ₹229 crore, including ₹48 crore in cash and bank balances, providing liquidity support for its next phase of growth.
In January 2025, FMCG major Hindustan Unilever Limited acquired a 90.5% stake in Minimalist at a pre-money valuation of ₹2,955 crore (nearly $350 million). The transaction ranks among the largest D2C acquisitions 2025 and remains one of the most notable deals in recent D2C funding news. The acquisition is expected to close in Q1 FY26.
Before the HUL deal, Minimalist had raised $17 million, including a $15 million Series A led by Peak XV, which holds 27.9%, while founders Mohit and Rahul Yadav control 62%. For those tracking India’s D2C market news and insights, this acquisition underscores how established FMCG leaders are placing long-term bets on premium, science-backed D2C brands scaling in 2025.
In the daily digest of D2C news in India, Minimalist’s FY25 performance reflects steady execution, brand-led growth, and disciplined expansion. As conversations continue around D2C IPO news, the D2C brand acquisition tracker India, and the Direct-to-consumer startup IPO tracker, Minimalist remains a clear example of how premium D2C business India players are building sustainable scale within the modern D2C ecosystem India.
