The skincare startup Minimalist has said that it has raised $15 million in its recent round of funding. This Series A funding was led by Sequoia Capital India and Unilever Ventures. The company has plans to expand its business to the Middle East and South Asian markets. Minimalist co-founder Mohit Yadav has announced that the collected funds will be used not only for entering global markets but also for building improved infrastructure, research, and production capabilities.
With only one year of experience in the market, the company has managed to have over one million customers. Yadav shared that their growth is a symbol that the skincare industry is changing. He added that “Together with our customers, we are creating ‘Skincare 2.0’ by offering proven solutions driven by scientific innovations.”
Minimalist sells its products through its website and other online marketplaces like Amazon, Nykaa, Flipkart, and Myntra. The company plans to go offline through its retail stores in the future. As of now, their product range includes serums, toners, face acids, moisturizers, and several other products.
Sequoia has also invested in Purple, a beauty eCommerce platform similar to Nykaa. Purple was able to raise about $45 million from Sequoia and other investors like Verlinvest, Blume Ventures, and JSW Ventures.
