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Homegrown D2C skincare brand Minimalist reported a strong 48% jump in revenue to Rs 517.7 crore in FY25, up from Rs 350 crore in FY24, according to the financial statements sourced from the Registrar of Companies (RoC).
Minimalist Financials
The company generated Rs 514.8 crore from operations (sale of products) and Rs 2.8 crore from non-operating income in FY25. In FY24, revenue from operations stood at Rs 347.7 crore, while non-operating income was Rs 2.7 crore.
The cost of materials consumed rose 52% year-on-year to Rs 150.5 crore in FY25 from Rs 99 crore in FY24, accounting for nearly 30% of total expenses. Employee benefit expense stood at Rs 36.8 crore in FY25, up from Rs 28.6 crore in FY24. Finance cost and depreciation remained modest at Rs 3.25 crore and Rs 3.7 crore, respectively.
Marketing expenses grew 28% to Rs 154 crore in FY25, compared to Rs 120 crore in FY24. Overall, total expenditure surged 52% to Rs 504 crore in FY25 from Rs 332 crore in the previous fiscal.
The company reported a net loss of Rs 31.6 crore in FY25, primarily due to a one-time exceptional expense of Rs 46 crore. It had posted a net profit of Rs 10.8 crore in FY24.
On a unit economics basis, Minimalist spent Rs 0.98 to earn every rupee in FY25, slightly higher than Rs 0.96 in FY24.
As of March 31, 2025, the company held Rs 47.7 crore as cash and bank balances, with total assets worth Rs 261 crore.
About Minimalist
Founded in 2020 by brothers Mohit and Rahul Yadav from Rajasthan, Minimalist is an Indian direct-to-consumer (D2C) skincare brand focused on science-backed, ingredient-led, and transparent formulations. Before launching the brand, the founders worked at CarDekho and had earlier built a startup called Freewill.
The company claims to have built a Rs 100 crore business within eight months of launch by prioritising product efficacy over conventional influencer-led marketing. Its portfolio spans cleansers, serums, moisturisers, sunscreens, and haircare products targeting concerns such as acne, pigmentation, ageing, dehydration, hair fall, and dandruff.
In July 2021, Minimalist raised Rs 110 crore (around $15 million) in a Series A round led by Sequoia Capital India, with participation from Unilever Ventures.
In 2025, Hindustan Unilever Limited (HUL) agreed to acquire a 90.5% stake in the company at a pre-money valuation of Rs 2,955 crore, marking a significant milestone in its growth journey.