Startup skincare brand Minimalist, on Thursday said it has raised Rs 110 crore (USD 15 million) in a funding round led by Sequoia Capital India. The Series A funding round, that also saw participation from Unilever Ventures, has been carried out within nine months of its inception, Minimalist said in a statement. The brand plans to utilise the funds to enhance its infrastructure and R&D capabilities and launch in global markets, it added.
Further, the funds will also be deployed for “content creation efforts by sharing well-researched knowledge about skincare with its consumers”. Minimalist Co-founder Mohit Yadav said consumers today are looking beyond marketing claims and are seeking efficacy-based skincare products. “Together with our customers, we are creating ‘Skincare 2.0’ by offering proven solutions driven by scientific innovations,” he added. On its investment in the startup, Sequoia India Managing Director, Shailesh Lakhani 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.” Unilever Ventures, Partner Pawan Chaturvedi said 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. Minimalist currently offers 20 products in skincare and hair care categories which it retails through its own website, along with e-commerce giants like Amazon, Nykaa, Flipkart, Myntra, among others.