Innovist Secures Rs 49.25 Crore in Series B Funding

Innovist, the parent entity of Bare Anatomy, Chemist at Play, and Sunscoop, is set to raise Rs 49.25 crore (around $5.7 million) through its Series B funding round. This funding marks the first investment influx for the Gurugram-based firm in the year 2025.

The Innovist board has approved a special resolution for issuing 72,223 Series B compulsory convertible preference shares at a price of Rs 6,819 each, aggregating to Rs 49.25 crore, as detailed in its filing with the Registrar of Companies (RoC).

Funding Details and Contributors

The round will be spearheaded by IVen Amplifi Fund, managed by ICICI Ventures Fund, which will invest Rs 19.47 crore. Additionally, Mirabilis Investment Trust will inject Rs 10.1 crore into this fundraising initiative. Other notable contributors include Sauce.VC and Niveshaay Sambhav Fund, with investments of Rs 8.75 crore and Rs 10 crore, respectively.

Usage of Funds

The newly acquired funding will be directed towards enhancing recruitment efforts, bolstering operations, boosting sales, marketing strategies, and supporting various corporate purposes, as resolved by the board.

Valuation Outlook

As per estimates from Startup Superb, Innovist is anticipated to achieve a valuation of approximately $140 million post-funding allocation. This capital influx indicates a segment of a broader funding initiative, hinting at possible additional investments that could further elevate its market valuation.

Company Background

Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist—previously recognised as Onesto Labs—specialises in personal care products and currently operates three distinct brands: Bare Anatomy, Chemist at Play, and Sunscoop.

To date, Innovist has secured over $16 million in funding, including a $7 million Series A round led by the Amazon Smbhav Venture Fund. Insights from startup data intelligence platforms indicate that before this round, Sauce.VC held the status of the largest external stakeholder, alongside 72 Ventures, Accel India, and the Amazon Smbhav Fund.

Financial Status

Innovist has yet to submit its annual statements for the preceding fiscal year (FY24). During FY23, the company reported operational revenues of Rs 36.53 crore, coupled with losses amounting to Rs 16.87 crore for the same fiscal period.