In this episode, Karthik Reddy (Co-founder & Managing Partner, Blume Ventures) breaks down the mechanics behind Unilever’s acquisition of Minimalist — one of the largest Indian D2C exits in recent memory.
From timing and revenue multiples to founder equity and distribution strategy, this case offers a clear lens into how modern consumer brand M&As are structured.
In this episode:
Why Unilever moved quickly on this deal
The role of 60M+ ARR and profitability in driving a premium
How distribution scale (1M+ outlets) changes the growth curve
Founder equity outcomes and VC IRRs
What made this exit attractive for both Peak XV and the acquirer
This is part of our Decoding Exit Patterns series, where we analyze real Indian startup exits and the stories behind them.