Innovist Secures Rs 136 Crore in Series B Funding Round

Innovist, the parent organisation of Bare Anatomy, has successfully secured Rs 136 crore (approximately $16 million) in a Series B funding round led by ICICI Venture. This investment round saw contributions from Mirabilis Investment Trust, Niveshaay Investment, and returning supporter Sauce.

The funding round consists of both primary and secondary elements and is intended to enhance product development, foster business growth, and facilitate team expansion, as reported in a recent media release.

As part of this funding round, Innovist provided an exit to Accel, which had previously invested through their seed programme (atoms). Startup Superb covered the details of this funding round last month.

Rohit Chawla, founder and CEO, stated that Innovist is among the quickest-growing companies in the beauty and personal care (BPC) sector in the country, with ambitions to surpass Rs 300 crore in revenue by FY25. Although the company has not yet presented its annual statements for FY24, it reported operational revenue of Rs 36.53 crore for FY23, with a loss of Rs 16.87 crore.

Founded in 2018 by Chawla, Sifat Khurana, and Vimal Bhola, Innovist, which was previously known as Onesto Labs, offers a range of personal care products and currently oversees three brands: Bare Anatomy, Chemist at Play, and Sunscoop.

To date, Innovist has accumulated over $26 million in funding, including a $7 million Series A round led by the Amazon Smbhav Venture Fund. According to various sources on startup data platforms, before this funding round, Sauce.VC was the leading external investor, followed by 72 Ventures, Accel India, and the Amazon Smbhav Fund.

Innovist faces competition from D2C beauty brands such as Minimalist, Mamaearth, Wow Skin Science, and Sugar Cosmetics.