Minimalist’s FY22 Revenue Surges to Rs 108 Cr, Profit Triples
- ByStartupStory | May 30, 2023
Minimalist, the Indian skincare brand, witnessed remarkable success in FY22, achieving a five-fold growth and surpassing the Rs 100 crore revenue milestone. The company, backed by renowned investors like Sequoia and Unilever Ventures, experienced a profit increase of over 3X during the same period. Founded by Mohit and Rahul Yadav, Minimalist specializes in a wide range of skincare and haircare products, including serums, toners, face acids, and moisturizers. The brand sells its products through its official website and popular e-commerce platforms like Amazon, Nykaa, Flipkart, Myntra, among others.
According to its regulatory filing with RoC, Minimalist witnessed a remarkable 5X surge in the sale of products, generating revenue of Rs 108.1 crore in FY22 compared to Rs 21.63 crore in FY21. In addition, the company earned an interest income of Rs 3.9 crore during FY22. Similar to its counterparts in the direct-to-consumer (D2C) skincare and beauty industry, Minimalist allocated 37.1% of its overall expenditure towards advertisement and promotions. This expenditure experienced a significant increase of 5.4X, amounting to Rs 33.3 crore in FY22, while the cost of materials also saw a notable rise of 6.4X, reaching Rs 28.15 crore.
During FY22, Minimalist observed a remarkable growth in its employee benefits and freight cost, which increased by 2.1X and 3.4X respectively, resulting in a total expenditure surge of 5.5X to Rs 89.7 crore compared to Rs 16.16 crore in FY21. The company, based in Jaipur, displayed impressive financial performance, as evidenced by its significant bottom line improvement. The profit skyrocketed by over 3X, reaching Rs 15.85 crore in FY22.
According to FY22 financial data, Minimalist recorded a positive ROCE of 19.12% and an EBITDA margin of 20.05%. The company spent Rs 0.83 per unit of operating revenue. In the competitive market, Minimalist faces competition from various players, including Sugar, led by Vineeta Singh, which generated revenue of Rs 200 crore in FY22 but suffered a loss of Rs 76 crore. Wow Skin Sciences achieved a revenue of Rs 340 crore in FY22 but also incurred a significant loss. Mamaearth, which is preparing for an IPO, reported a revenue of Rs 943 crore in the same period.
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