Khaitan & Co Advised On Peak XV Partners And Surge Ventures’ Stake Sale In Minimalist To Hindustan Unilever
Khaitan & Co Advised On Peak XV Partners And Surge Ventures’ Stake Sale In Minimalist To Hindustan Unilever
Khaitan & Co has acted as Legal Counsel to Peak XV Partners and Surge Ventures in the proposed sale of their stake in Minimalist as part of its acquisition by Hindustan Unilever (HUL) for approximately INR 3,000 crores. This deal, once completed, will be one of the largest transactions in the Direct-to-Consumer (D2C) space.
Minimalist, launched in 2020, is a rapidly growing Indian skincare brand known for its science-driven formulations and ingredient transparency. The brand has made a mark in the premium skincare market, catering to customers seeking effective and straightforward skincare solutions.
As part of the acquisition, HUL has acquired a 90.5% stake in Uprising Science Private Limited, the parent company of Minimalist, at a pre-money enterprise value of INR 2,955 crores, subject to standard closing adjustments. The transaction consists of two components: a secondary acquisition of INR 2,760 crores from existing shareholders, including founders and venture partners, and a primary cash infusion of INR 45 crores into the company.
The legal team from Khaitan & Co was led by Partners Bharat Anand and Nidhi Killawala, with assistance from Counsel Mukul Aggarwal and Senior Associate Zeni Arora, with assistance from Partner Pranjal Prateek (Competition Law).
This acquisition will significantly strengthen HUL’s presence in the premium skincare segment, aligning with its strategic growth plans in the beauty and personal care market.
