Mint. The startup sought a valuation of more than $300 million compared with about $76 million in the previous round, the people said. “Minimalist also approached L Catterton, but the US-based private equity firm did not proceed with the discussions," one person said.
Minimalist, Verlinvest and L Catterton did not respond to Mint’s request for comments. A spokesperson for Premji Invest declined to comment on the matter. “While the company justifies its high valuation by being profitable every year since its inception, these investors are not willing to give in to the high ask under the current market conditions," a second person said.
“However, some of them, including Premji, may reconsider some time down the line if the company reaches a more suitable number, given that it is still a profitable company." Minimalist’s revenue grew to ₹188 crore in FY23 from ₹112 crore a year earlier. Net profit narrowed to ₹5.2 crore from ₹15.9 crore in FY22, according to data provided by Tracxn. In 2021, the company raised $15 million in its Series A funding round from investors including Peak XV Partners.
Its other institutional investors include Unilever Ventures and Twenty Nine Capital Partners. Many startups in the beauty and personal care segment have been in talks or have raised funds lately. Purplle raised ₹1,000 crore in a round led by an arm of the Abu Dhabi Investment Authority in July.
D2C brand Wow Skin Science has been looking to raise $65-75 million in primary capital from both new and existing investors, while Sugar Cosmetics has been vying for a $100 million funding round, Mint reported exclusively. Some companies have commanded a much higher valuation between two successive rounds. Fintech startup Dhan is in talks to
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