Minimalist continues to stand out as one of India’s fastest-growing direct-to-consumer brands, with the Jaipur-based startup reporting impressive revenue figures of ₹350 crore for FY24. This represents a remarkable 89% increase compared to the previous year. The four-year-old company also saw its profits double during the last fiscal year.
According to consolidated financial statements obtained from the Registrar of Companies, Minimalist’s revenue from operations climbed to ₹347 crore in FY24, up from ₹184 crore in FY23. Additionally, the company generated ₹2.16 crore from non-operating activities, bringing its overall revenue for the year to ₹349.56 crore. Founded by entrepreneurs Mohit and Rahul Yadav, Minimalist specializes in skin and hair care products, including serums, toners, and moisturizers, which served as the primary revenue source for the brand in FY24.
Minimalist markets its products through its official website and various third-party e-commerce platforms, including Amazon, Nykaa, and Flipkart.
Similar to many D2C beauty and skincare brands, Minimalist invested heavily in advertising and promotions, allocating 35% of its budget to these efforts. Marketing expenditures nearly doubled, rising to ₹117 crore in FY24 from ₹65 crore in FY23. Alongside this, the cost of materials consumed surged by 88.1%, reaching ₹94 crore in FY24, compared to ₹50 crore in the previous fiscal year. Expenses related to employee benefits, distribution commissions, and transportation also saw significant increases, contributing to an overall cost rise of 84.1%. Total costs escalated to ₹331 crore for the fiscal year ending March 2024, compared to ₹180 crore in FY23.
Despite the rise in marketing expenses, Minimalist achieved more than twofold growth in profits, reaching ₹10.83 crore in FY24, up from ₹5 crore in FY23. According to data from startup intelligence platform TheKredible, the company’s EBITDA margin and return on capital employed (ROCE) were reported at 4% and 9%, respectively. On a per-unit basis, Minimalist spent ₹0.95 to generate one rupee of operating revenue in FY24.
To date, Minimalist has raised approximately $17 million, including a Series A funding round led by Peak XV (formerly Sequoia Capital), which owns a 27.9% stake, making it the largest external shareholder. Co-founders Mohit and Rahul Yadav retain a 62% control of the company, as reported by TheKredible.
The startup was last valued at a modest ₹565 crore ($75 million), approximately 1.6 times its FY24 revenue of ₹347 crore. As of March 2024, Minimalist reported a cash and bank balance of ₹30.27 crore.
Although the company has maintained a focused product line, its emphasis appears to have shifted to skincare from haircare in FY24. Looking ahead, the need for either fresh funding or cost control may influence its growth trajectory. Whether a new funding round will lead to margin erosion—an observation noted in previous cases—remains uncertain. However, given Minimalist’s track record, it’s likely the brand will continue to surprise the market.