Hindustan Unilever is reportedly engaged in advanced negotiations to acquire Minimalist, a four-year-old direct-to-consumer startup, for up to $350 million, according to two sources familiar with the matter.

The proposed acquisition would be the latest addition to Unilever’s subsidiary’s Indian expansion drive, building on its successful foray into the health and wellness space via the 2021 acquisitions of Oziva and Wellbeing Diet.

“A Hindustan Unilever spokesperson told TechCrunch that the company continuously explores diverse strategic options to drive business expansion and growth, aligning with its corporate strategy.”

By acquiring a company, Unilever’s Indian subsidiary may significantly expand its existing skincare offerings, capitalizing on a market valued at over $65 billion. Hindustan Unilever (HUL) brings together a diverse portfolio of well-known brands, including Dove, Pond’s, Lakmé, Sunsilk, Lux, and Lifebuoy, in its manufacturing operations.

The negotiations are still underway, with no agreement yet reached; officials insisted on confidentiality due to the sensitive nature of the discussions.

According to a report by Mint, Minimalist, an enterprise capital company, successfully secured capital around a $300 million valuation during the latter half of its final year.

Jaipur-based company operates a comprehensive skincare model, offering a diverse array of products that includes sunscreen and hair restoration serums. The company observed a significant increase in income, soaring 89% to $40.8 million for the fiscal year ended March 31, 2024. The startup deemed it a worthwhile investment.

Unilever’s venture capital arm, Unilever Ventures, invested in Minimalist during the startup’s Series A funding round in mid-2021 as part of Hindustan Unilever’s participation. Peak XV served as the lead institutional investor in Minimalist’s seed round, providing crucial backing in late 2019.

Minimalist and Peak XV Companions failed to respond to inquiries for comment.