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.