Skincare Startup Minimalist closes $15 million funding round led by Sequoia Capital India, Unilever Ventures
Minimalist, a skincare startup, announced a $15 million (Rs 110 crore) Series A funding round led by Sequoia Capital India with participation from Unilever Ventures.
According to Minimalist cofounder Mohit Yadav, the funds will be used to expand into global markets as well as improve infrastructure, research and development capabilities, and content curation.
The company plans to expand into the Middle East and Southeast Asia.
Launched in 2020, Minimalist claims to have served over one million customers.
“Consumers today are looking beyond marketing claims and are seeking efficacy based skincare products,” Yadav said. “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.”
Minimalist retails through online marketplaces such as Amazon, Nykaa, Flipkart and Myntra, besides its own website. “We are exploring offline retail as well,” Yadav said. “We will create a roadmap for offline. The plan is to sell through our own retail stores in due course.”
“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.
Serums, toners, face acids, and moisturisers are among the 20 products made in the company's factories.
New age beauty brands are piqueing the interest of investors. According to sources, MyGlamm, a direct-to-consumer (D2C) beauty brand, raised Rs 355 crore led by Accel.
Sequoia invested in beauty ecommerce player Purple earlier this year, which competes with larger rival and IPO-bound Nykaa. Purplle, based in Mumbai, raised $45 million (roughly Rs 326 crore) in March from Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures. The round increased the company's value to Rs 2,200 crore.
“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.
According to Minimalist cofounder Mohit Yadav, the funds will be used to expand into global markets as well as improve infrastructure, research and development capabilities, and content curation.
The company plans to expand into the Middle East and Southeast Asia.
Launched in 2020, Minimalist claims to have served over one million customers.
“Consumers today are looking beyond marketing claims and are seeking efficacy based skincare products,” Yadav said. “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.”
Minimalist retails through online marketplaces such as Amazon, Nykaa, Flipkart and Myntra, besides its own website. “We are exploring offline retail as well,” Yadav said. “We will create a roadmap for offline. The plan is to sell through our own retail stores in due course.”
“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.
Serums, toners, face acids, and moisturisers are among the 20 products made in the company's factories.
New age beauty brands are piqueing the interest of investors. According to sources, MyGlamm, a direct-to-consumer (D2C) beauty brand, raised Rs 355 crore led by Accel.
Sequoia invested in beauty ecommerce player Purple earlier this year, which competes with larger rival and IPO-bound Nykaa. Purplle, based in Mumbai, raised $45 million (roughly Rs 326 crore) in March from Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures. The round increased the company's value to Rs 2,200 crore.
“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.
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