Exclusive: Sequoia-backed Minimalist adds Rs 34 Cr worth ESOPs

Homegrown skincare brand Minimalist has expanded its employee stock option by adding fresh options worth $4.3 million or Rs 34 crore. This comes amidst many early and growth-stage startups creating and expanding their ESOPs pool and buying back shares from staff.

The board at Minimalist passed a special resolution to issue 879 ESOPs with each option exercisable into 1 equity share, the company’s regulatory filings with the Registrar of Companies (RoC) show. 

The development comes after fourteen months of the Minimalist’s Series A round in which the Jaipur-based company scooped up $15 million from Sequoia Capital India and Unilever Ventures.

Founded by Mohit and Rahul Yadav, Minimalist provides a range of skincare products including serums, toners, and moisturizers. Claiming to serve over 1 million customers, the brand retails through its own website, along with online marketplaces including Amazon, Nykaa, Flipkart, and Myntra.

Minimalist is yet to file financial statements for the last fiscal year(FY22) but its operating revenue soared 3.4X to Rs 21.6 crore in FY21. Importantly, the company had turned profitable and recorded Rs 5 crore net profit during FY21.

Launched in 2018, Minimalist directly competes with Mamaearth which turned unicorn in January after raising a $52 million round led by Sequoia, Wow skin sciences, and Juicy Chemistry among several others.