Direct-to-consumer (D2C) skincare brand Minimalist on Thursday announced that it has raised ₹110 crore ($15 million) in a Series A funding round led by Sequoia Capital India with participation from Unilever Ventures.
The funds will be utilized for expansion in global markets, besides enhancing infrastructure, research & development, and content creation. 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. Our growth so far proves that a radical change in skincare industry is underway…”, said Mohit Yadav, co-founder, Minimalist.
With a portfolio of skincare and haircare products, the brand retails through its own website and third-party e-commerce platforms such as Amazon, Nykaa, Flipkart, and Myntra. It currently offers 20 products ranging from serums, and toners, to face acids, and moisturisers.
Shailesh Lakhani, managing director, Sequoia India, said 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,” he added.
“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.
Recently, new age D2C beauty brands have attracted significant investor interest. D2C brand MyGlamm has raised ₹355 crore led by Accel. In March, Juicy Chemistry raised $6.3 million in Series A funding.
Source: Reuters.com