The Competition Commission of India (CCI) greenlit Hindustan Unilever Ltd (HUL)’s acquisition of a 90.5% stake in Uprising Science Pvt Ltd, the parent of beauty brand Minimalist, a short while ago.

The Rs 2,670 crore deal, announced in January, marks one of India’s largest direct-to-consumer (D2C) transactions, valuing Uprising at a pre-money enterprise worth of Rs 2,955 crore. HUL, a fast-moving consumer goods (FMCG) titan with over 50 brands like Lakmé and Lux, will also infuse Rs 45 crore as primary capital, with plans to acquire the remaining 9.5% stake within two years.

The CCI release detailed, “The proposed transaction involves the acquisition by Hindustan Unilever, of 90.5 per cent shareholding of Uprising Science Pvt Ltd (Target), with eventual acquisition of the remaining 9.5 per cent shareholding of the target in about two years from the completion date as per the terms set out in the share purchase & subscription agreement executed by and between HUL and the target.” Jaipur-based Uprising, behind Minimalist’s skincare, haircare, and babycare lines, has scaled rapidly since 2020, boasting an annual revenue run rate exceeding Rs 500 crore.

HUL’s move, cleared under the Competition Act, bolsters its Beauty & Wellbeing portfolio amid a premiumization trend. Posts on X from @CCI_India confirmed the approval, while industry watchers see it as a strategic play to dominate the masstige beauty segment, leveraging Minimalist’s science-backed ethos and digital-first growth.