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Sequoia Capital leads Series A funding in skincare brand Minimalist
Photo Credit: 123RF.com

Mumbai-based skincare startup Minimalist has raised Rs 110 crore ($15 million) in a Series A funding round led by Sequoia Capital India, along with participation from Unilever Ventures.    

The company plans to use the funds to develop its R&D capabilities and infrastructure.  

Minimalist will also expand its operations outside India. However, it did not specify which markets it would enter first.     

“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,” Shailesh Lakhani, managing director, Sequoia India, said.    

The development comes amid an increasing investor appetite for skincare startups in India as Minimalist has served over a million customers till date.  

Founded in 2020 by Mohit and Rahul Yadav, Minimalist products are sold through its website and other e-commerce platforms, including Nykaa, Myntra, Flipkart and Amazon.    

Similarly, rival Mamaearth had also raised $50 million from Sofina Ventures and Sequoia Capital in July, pushing the firm’s value to $730 million.     

In the same month, Accel led a $71 million Series C funding round in beauty products brand MyGlamm. 

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