We started at a small scale but as demand grew, we expanded. The expansion creates its own set of challenges. Problem-solving and curiosity are the core DNA of our team. I am personally grateful to them for navigating any unexpected challenges that came in the way. We are now more than 650 people strong and still growing.
At Minimalist, our journey is fuelled by a mission to redefine skincare and hair care by placing transparency and efficacy at the forefront. The inspiration for this venture came from recognizing the gaps and inconsistencies in the industry. We embarked on this journey in 2020, striving to offer scientifically-backed and quality products.
We started first with skincare but now have expanded into a comprehensive range of hair care, body care, and eye care solutions designed to address a myriad of concerns.
It has been a very fulfilling journey. Our growth has been substantial, and in a short span, we have scaled up to more than 183 crore ARR and have achieved profitability. We are also backed by 2 marquee investors, Sequoia Capital and Unilever Venture. We've expanded to international markets, solidifying our position as a leading brand in the personal care sector.
2. What has been the biggest challenge that you faced and how did you overcome that?
The most significant challenge was establishing our own research and manufacturing facilities. To many companies, having their own manufacturing presents financial constraints but to us, it was essential to maintain our quality and transparency standards.
Our focus is always on our core values and long-term vision. I now see challenges as opportunities for learning and commitment to providing top-notch products. Anything that comes our way actually propels us to surmount these hurdles.
We started at a small scale but as demand grew, we expanded. The expansion creates its own set of challenges. Problem-solving and curiosity are the core DNA of our team. I am personally grateful to them for navigating any unexpected challenges that came in the way. We are now more than 650 people strong and still growing.
3. How did you come up with this idea and go about executing it?
The idea of Minimalist stemmed from a shared passion for transforming the personal care industry. During our research, we discovered that the personal care segment is not very transparent towards consumers. We envisioned a brand that would revolutionize the industry's transparency standards.
Our execution involved investing heavily in research and development, building our manufacturing facility, and collaborating with experts. We've meticulously formulated each product and clinically tested them for effectiveness.
Our strategic launch, first online, and subsequent expansion into domestic retail and international D2C markets in less than three years showcases the execution of our vision.
4. What are the most important qualities of a successful entrepreneur?
I think every entrepreneur has some strengths that they bring to the table. I believe that there are three qualities which are common among them. Resilience, adaptability, and a customer-centric approach are paramount qualities for an entrepreneur. Additionally, an unwavering commitment to one's vision and values is crucial to gain long-term success.
5. Could you provide examples of how Minimalist ensures transparency and adheres to well-researched practices in skincare and haircare? How do you separate your brand from products making false claims?
We adhere to transparency by publishing the scientific research behind each product, including ingredients and their efficacy. Our "no-filler" policy ensures that every component in our products serves a purpose, making them highly effective. We even mention where our hero ingredients are sourced from and in what percentage they are used in every product.
We refrain from using misleading marketing jargon and focus on educating our consumers. If you look at our social handles, we only post relevant things that lean towards educating the consumer rather than just selling. Our motto is that consumers should be educated about their concerns and should make a wise and informed decisions.
All our products are dermatologist-recommended and clinically tested to validate their effectiveness, setting us apart from products with unsubstantiated claims. You can see them on our website and social media communication.
6. You have experience expanding businesses internationally from scratch. Can you share some strategies and insights you've gained from such endeavors, particularly when you were CEO at Oto.com in Indonesia?
During my time at Cardekho, I was appointed to lead the Indonesian arm named oto.com. While expanding internationally, it is best to do your homework, get in-depth market research and understand the local culture.
Additionally, forming local partnerships and teams is essential. My time at Oto.com taught me that being receptive to local insights and adapting strategies is vital. Leveraging technology to cater to diverse markets is crucial for successful international expansion.
7. Having worked with companies like CarDekho and Credit Suisse, how have these diverse roles and experiences contributed to your entrepreneurial journey and your approach to problem-solving?
Each role in my life offered me unique learning experiences. My time at Credit Suisse was in the investment banking division which honed my problem-solving skills and financial acumen in how multiple industries work.
With CarDekho, it allowed me to understand the dynamics of a rapidly growing business. I also led a team and worked relentlessly in international market expansion.
These diverse roles have enriched my entrepreneurial journey by providing valuable insights and a broad perspective on problem-solving in the business world.
Mohit Yadav is the CEO of Minimalist, a global skincare brand based out of Jaipur. With a rich background as a Chartered Accountant and nearly two decades of experience, Mohit embarked on a journey in Investment Banking with esteemed firms like Deloitte and Credit Suisse. Later, he ventured into entrepreneurship, successfully launching and selling his first venture in 2010. Then as the VP of Car Dekho, he spearheaded its international expansion.
Driven by a mission to revolutionise the skincare industry, Mohit noticed a lack of transparency and fragmentation among skincare products. This inspired him and his brother to create Minimalist, a brand dedicated to delivering honest and effective skincare solutions. Under his astute leadership, the company flourished, attaining profitability and expanding its presence to the UK, US, GCC, and SEA markets. Today, Minimalist boasts an impressive revenue of over Rs 375 crores. Mohit's unwavering commitment to transparency and innovation has shaped Minimalist into a force to be reckoned with in the skincare world.
Interviewed and Edited by - Arunangshu Chatterjee
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