Hindustan Unilever, a titan in the consumer goods industry, is reportedly in the final stages of discussions to purchase the four-year-old direct-to-consumer startup, Minimalist. The potential deal could be worth up to $350 million, as per individuals privy to the situation.

The acquisition would bolster Hindustan Unilever’s ongoing expansion in India. The Unilever subsidiary has been on a shopping spree in the country, venturing into the health and wellness space by buying brands like Oziva and Wellbeing Nutrition last year.

A representative of Hindustan Unilever provided a statement to TechCrunch, saying, “In accordance with our business strategy, we continually assess various strategic opportunities for the growth and expansion of our business.”

The proposed acquisition would also enhance Unilever’s skincare range in India, where its subsidiary has a market cap exceeding $65 billion. Hindustan Unilever manages several high-profile brands such as Dove, Pond’s, Lakme, Sunsilk, Lux, and Lifebuoy.

While discussions are progressing, the deal is not yet set in stone, said the aforementioned sources who chose to remain anonymous due to the private nature of the negotiations.

Previously in the latter half of the last year, Minimalist sought interest from venture capital firms for funding at a valuation of roughly $300 million, as reported by Mint newspaper.

Minimalist, based in Jaipur, operates a skincare brand offering a broad spectrum of products from sunscreen to hair repair serum. The startup reported a staggering 89% rise in its revenue to $40.8 million in the fiscal year ending March 2024, and also claimed to be profitable.

Hindustan Unilever already has a stake in Minimalist, having invested in the startup’s Series A funding round in mid-2021 via its venture capital division, Unilever Ventures. Peak XV was the first institutional investor in Minimalist, spearheading the startup’s seed funding in late 2019.

Both Minimalist and Peak XV Partners have not yet responded to requests for comments.