D2C Brand Minimalist’s FY24 Profit Doubles To INR 10.9 Cr, Revenue Up 1.9X YoY

D2C skincare brand Minimalist’s net profit more than doubled in the financial year ended March 31, 2024. The startup’s profit zoomed 110% to INR 10.9 Cr in the financial year 2023-24 (FY24) from INR 5.2 Cr in FY23 on the back of a strong growth in its top line.

Founded in 2020 by Mohit Yadav and Rahul Yadav, the skincare brand retails its products through its own website and online marketplaces such as Amazon, Nykaa, Flipkart, and Myntra. It earns revenue from the sale of its skincare, haircare and body care products.

As per the filing of Uprising Science Pvt Ltd, which operates Minimalist, with the Ministry of Corporate Affairs, the startup’s revenue from operations surged 89% to INR 347.4 Cr during the year under review from INR 183.8 Cr in FY23.

Including other income, the D2C brand’s total income rose 86% to INR 349.6 Cr in FY24 from INR 188.1 Cr in the previous fiscal year.

Zooming Into Expenses

The rise in Minimalist’s expenditure was largely in line with the growth in its sales. Total expenses jumped 84% to INR 331.7 Cr in FY24 from INR 180.2 Cr in the previous fiscal year.

Cost Of Materials Consumed: The startup spent INR 101.5 Cr on purchase of stock-in trade, an increase of 43% from INR 71.2 Cr in FY23.

Employee Benefit Expenses: Employee costs zoomed 56% to INR 28.5 Cr during the year from INR 18.3 Cr in FY23.

Advertising Promotional Expenses: The D2C brand’s biggest expense was advertising costs. It spent INR 117.1 Cr under the head in FY24, up 79% from INR 65.3 Cr in FY23.

Minimalist has raised a total funding of over $17 Mn till date and counts the likes of Peak XV Partners, Unilever Ventures, among others, as its backers. It competes with startups like WOW Skin Science, Plum, mCaffeine, among others.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.