Innovist, the parent company of beauty and personal care brand Bare Anatomy, has secured Rs 136 crore (approximately $16 million) in its Series B funding round. The investment was led by ICICI Venture, with participation from Mirabilis Investment Trust, Niveshaay Investment, and returning investor Sauce.vc.
The round included both primary and secondary transactions, with the company offering an exit to early-stage investor Accel, which had participated via its seed-stage program, Atoms.
According to a company statement, the newly raised capital will be utilized to accelerate product development, drive business expansion, and strengthen team capabilities.
“Innovist is one of the fastest-growing BPC (beauty and personal care) companies in India. We’re targeting to cross Rs 300 crore in revenue by FY25,” said Rohit Chawla, founder and CEO of Innovist.
While Innovist has not yet disclosed its financials for FY24, it reported operational revenue of Rs 36.53 crore in FY23, alongside a loss of Rs 16.87 crore.
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist (formerly known as Onesto Labs) offers a range of personal care products through three main brands: Bare Anatomy, Chemist at Play, and Sunscoop. The company is known for its science-backed, ingredient-focused approach to skincare and haircare.
With this new round, Innovist has raised a total of over $26 million to date. Its previous $7 million Series A round was led by the Amazon Smbhav Venture Fund.
Innovist competes in the increasingly competitive D2C beauty landscape, going head-to-head with brands like Minimalist, Mamaearth, Wo
The company plans to leverage this funding to strengthen its market position and continue innovating in the clean and conscious beauty space.
