SUMMARY
- Minimalist’s revenue from operations grew by 89% YoY from Rs 184 crore in FY23 to Rs 347 crore in FY24.
- The company’s total expenses amounted to Rs 331 crore in FY24, up from Rs 180 crore in FY23.
- Its profits grew twofold, reaching Rs 10.83 crore in FY24 from Rs 5 crore in FY23.
Jaipur-based D2C brand Minimalist‘s revenue from operations grew by 89% YoY from Rs 184 crore in FY23 to Rs 347 crore in FY24, as per its consolidated financial statements sourced from the Registrar of Companies.
The company reported earning an additional Rs 2.16 crore from non-operating activities, posting a total revenue of Rs 349.56 crore for the fiscal year under review.
Established by entrepreneurs Mohit and Rahul Yadav, Minimalist offers skin and hair care products, including serums, toners, and moisturizers. The sale of these products constituted the primary source of revenue for the brand in the fiscal year under review.
Minimalist engages in retail through its proprietary website, in addition to third-party e-commerce platforms such as Amazon, Nykaa, and Flipkart, among others.
As has been the trend in D2C sector, Minimalist allocated a major portion of its expenditures, approximately 35%, towards advertising and promotion. These expenses witnessed a notable increase, reaching Rs 117 crore in FY24 from Rs 65 crore in the preceding fiscal year.
The cost of materials consumed by the company surged by 88.1%, reaching Rs 94 crore in FY24, in comparison to Rs 50 crore in FY23.
Moreover, the company saw increase in expenses related to employee benefits, distribution (commissions to marketplaces), and transportation, contributing to an 84.1% rise in the company’s total expenses, which amounted to Rs 331 crore in FY24 from Rs 180 crore in FY23.
Despite the surge in marketing expenditures, Minimalist managed to achieve a twofold growth in profits, reaching Rs 10.83 crore in FY24 from Rs 5 crore in FY23. Its EBITDA margin and ROCE stood at 4% and 9%, respectively.
On a per-unit basis, the company spent Rs 0.95 to generate a rupee of operating revenue in the fiscal year under review.
To date, Minimalist has secured approximately $17 million in funding, including its Series A round was led by Peak XV (formerly Sequoia Capital), maintaining a 27.9% stake as the largest external shareholder. The co-founders, Mohit and Rahul Yadav, collectively hold 62% ownership of the company.
The startup was valued at a relatively conservative figure of Rs 565 crore, which represents approximately 1.6 times its revenue of Rs 347 crore in FY24. Minimalist had a cash and bank balance of Rs 30.27 crore, noted March 2024.
