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In today’s newsletter:

• Minimalist founder opens up on HUL deal
• VCs on a fundraising spree
• BluSmart at a crossroads

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Skincare brand Minimalist became one of India’s most successful D2C exits earlier this year when Hindustan Unilever (HUL) acquired it for over Rs 3,000 crore.

The Rajasthan-based founder of Minimalist opened up to us on the deal, their plans going forward and scaling a consumer brand.

• Co-founder and CEO Mohit Yadav said he isn't too bothered being acquired by an FMCG behemoth

The deal signals a shift in India’s beauty market, where homegrown brands with strong product credibility and direct consumer engagement are proving to be major acquisition targets. 

• Founded in 2020 by brothers Mohit and Rahul Yadav, Minimalist was born as a pivot from their earlier startup, Freewill

The brand took off despite minimal marketing, leveraging customer word-of-mouth and social media. 

"We never liked how other brands massively focused on marketing instead of their product. Most times, the product does not justify what is written on the back of the packaging – there's a big contrast," Yadav said.

Minimalist has often been compared to The Ordinary, a skincare brand acquired by Estée Lauder in May 2024.

While Mohit Yadav acknowledges The Ordinary’s influence, he said the brand’s ethos shifted after its acquisition.

"In our case – the prices, the margins, transparency, fair pricing, etc. were all part of HUL’s playbook from earlier. If we were getting sold to a luxury brand, then we would have been a misfit," he said.

Yadav expressed confidence that Minimalist's values would remain intact under HUL's ownership.

"Minimalist’s ethos is the product and the transparency, if HUL does anything with it then Minimalist will lose its proposition," he said.

Mohit and Rahul will continue to lead for at least two years as the brand scales its international and offline presence.

Yadav also has some advice for founders: prioritise finding investors who align with the firm's vision, rather than only valuations.

Read the full interview

After slowing down fundraising last year, India-focused venture capital (VC) firms have resumed activity as investors seek to deploy their accumulated dry powder.

Several global and domestic VC firms have launched new funds in 2025, driven by a recovering funding landscape and a wave of startup IPOs.

• Prominent investment firms, including Accel, Bessemer Venture Partners, Cornerstone VC, and Prime Venture Partners, among others, have closed large funds this year

This follows a sharp decline in VC fundraising in 2024, which fell to $2.7 billion—the lowest since 2019—as top investors scaled back funding activity amid the funding winter, according to a recent Bain report.

• Given the current trajectory, industry stakeholders expect VC fundraising to surpass last year’s low levels

This year, both fund sizes, as well as cheque sizes cut by investors, are going up.

• VC firms now are raising much larger funds to stay competitive, say investors
  
  
• Meanwhile, increased capital requirements among today’s startups have led to an uptick in cheque sizes

Moreover, India's strong pipeline of startup IPOs has allayed concerns among limited partners (LPs) over issues like governance, inspiring confidence in backing VC fundraises. 

Dig deeper

India’s oldest EV ride-hailing startup, BluSmart, is seeking a buyer, highlighting the challenges of scaling an asset-heavy electric mobility business.

Founded in 2019, BluSmart expanded in Delhi-NCR and Bengaluru, offering zero ride cancellations and cleaner transport. 

• It raised $200 million, but faced high capital costs in maintaining its 7,000 EV fleet and charging stations

BluSmart’s fate is closely tied to Gensol Engineering, its key supplier. Gensol is facing a liquidity crisis with a 68% stock drop and rising debt, adding uncertainty to BluSmart’s future. 

• Notably, BluSmart is co-founded by Anmol Singh Jaggi, who also leads Gensol as the promoter and managing director 

Industry sources suggest Uber is exploring an acquisition, potentially through its vendor, Everest Fleet, which already operates a large number of Uber vehicles. 

• This move aligns with Uber’s ambitious plan to deploy 25,000 EVs in India within two years
  
  
• The company has also partnered with Lithium Urban Technologies, Zypp Electric, and Moove to expand its EV footprint

However, while talks are in the early stages, BluSmart has denied any discussions. Experts say that if the deal goes through, it will reshape the EV ride-hailing market in India. 

Go deeper

The Indian Premier League (IPL) bugle will soon echo in many Indian households, and brands are seizing the tournament’s vast reach by partnering with various teams.

• Franchises like Punjab Kings and Gujarat Titans anticipate a 30–37% increase in sponsorship revenue for the 18th edition of the IPL.

Several new brands have joined the sponsor list of multiple teams, with fintech, banking and insurance, FMCG, fantasy gaming, and consumer electronics emerging as the dominant categories visible across franchises this season.

Dig deeper

• Baidu has introduced two new AI models—Ernie X1, which it claims matches Deepseek-R1’s performance at half the cost, and Ernie 4.5, a multimodal base model handling videos, photos, and text more efficiently.
  
  
• Intel's incoming CEO, Lip-Bu Tan, is considering major changes to the company's chip manufacturing and AI strategies, aiming to revive the struggling tech giant.

Sunita Williams and Butch Wilmore checked into the ISS for a week-long mission. 

Then their ride home—Boeing’s Starliner—malfunctioned, and suddenly, they were long-term tenants.

• But it’s finally time to pack up

NASA confirmed that Williams, Wilmore, and their fellow astronauts—NASA’s Nick Hague and Russian cosmonaut Aleksandr Gorbunov—will splash down off Florida’s coast on March 18.

Find out more

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