Brands
Minimalist crosses Rs 500 crore mark with 48 per cent growth
Skincare brand posts strong revenue jump in FY25, though rising costs lead to a Rs 31.5 crore net loss
MUMBAI: Beauty might be skin deep, but the latest balance sheet for Minimalist shows some serious muscle underneath. The Jaipur-based skincare disruptor has officially crossed the Rs 500 crore milestone, reporting a 48 per cent jump in operating revenue to Rs 514.8 crore for FY25.
While the top line is glowing, the bottom line tells a slightly more complexion story. Despite the sales surge, the brand slipped into a net loss of Rs 31.5 crore, a sharp pivot from last year’s profit.
Growing a brand in the crowded D2C (Direct-to-Consumer) aisle is rarely cheap. Minimalist spent heavily to stay in the spotlight, with advertising and promotional costs climbing 28 per cent to reach Rs 154 crore. That means nearly a third of their total spending went toward making sure their serums and toners ended up in your digital shopping cart.
Other key expenses included materials, which rose 57 per cent to Rs 146.7 crore as the company worked to keep up with growing demand. Distribution costs, including marketplace commissions, reached Rs 84.3 crore, reflecting the brand’s push to expand its presence across platforms.Staffing expenses also grew, with employee benefits climbing 29 per cent to Rs 36.8 crore to support the team behind the rapid growth. Overall, total expenses rose by 51 per cent to Rs 504 crore. On a unit level, the company spent Rs 0.98 for every Rs 1 it earned in operating revenue. Even though the company had Rs 18 crore in positive Ebitda (its core profit), a one-time expense pushed it into a loss.
A one-time expense of Rs 46 crore, likely linked to the brand’s upcoming marriage with Hindustan Unilever Limited (HUL), pushed the final numbers into the negative. HUL is currently in the process of acquiring a 90.5 per cent stake in the brand at a valuation of Rs 2,955 crore (about $350 million).
Despite the temporary dip into loss, the brand remains a powerhouse. Founded only in 2020 by Mohit and Rahul Yadav, it has quickly scaled via its own website and giants like Amazon, Nykaa, and Flipkart.
With Rs 48 crore in the bank and the backing of a global giant like HUL expected to close by early FY26, Minimalist seems well-positioned to turn its high-growth momentum into long-term stability.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
