Innovist, Parent Company of Bare Anatomy, Secures $136 Crore in Series B Funding
Innovist, the holding company of science based beauty companies such as Bare Anatomy, Chemist at Play, and Sunscoop, has managed to raise ₹136 crore (approximately $16 million) in a new funding round led by ICICI Venture. The Gurugram headquartered company said this round, both primary and secondary investments, will be used to fund product innovation, market expansion, and team building.
This round also represents a full exit for early backer Accel, which had backed Innovist through its seed-stage project, Atoms. Other participants in this round are Mirabilis Investment Trust, Niveshaay Investment, and repeat investor Sauce VC.
"We are excited to invest in Innovist as our first deal out of our new early growth fund," said Sharad Malpani, ICICI Venture Director and Co-head of the IVen Amplifi Fund. "We are attracted by the very strong growth record Innovist has established, especially in a competitive beauty and personal care (BPC) marketplace."
About Innovist:
Innovist, founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, rebranded from Onesto Labs in 2022 and has grown as a vertically integrated house of brands with science-driven formulations. The company positions itself as using clean, science-supported ingredients across its wide portfolio of products that spans personal care, skincare, and sun care.
"The company is one of the fastest-growing BPC firms in the nation, crossing ₹300 crore in revenue in FY25," Chawla, founder and CEO of Innovist, said.
"Having been an Innovist day zero backer, we are amazed at Rohit and the team's capability to create a vertically integrated house of science-driven beauty brands. Few teams have the experience in manufacturing and R&D that is necessary to sustain an innovative advantage in a competitive marketplace," said Manu Chandra, founder and managing partner at Sauce VC.
This is in addition to the ₹58 crore Series A capital raised by Innovist in November 2023, led by the Amazon Smbhav Venture Fund with participation from the family office of Nykaa founder Falguni Nayar and former head of KKR India Sanjay Nayar 72 Ventures, as well as Accel India and Sauce VC.
This round also represents a full exit for early backer Accel, which had backed Innovist through its seed-stage project, Atoms. Other participants in this round are Mirabilis Investment Trust, Niveshaay Investment, and repeat investor Sauce VC.
"We are excited to invest in Innovist as our first deal out of our new early growth fund," said Sharad Malpani, ICICI Venture Director and Co-head of the IVen Amplifi Fund. "We are attracted by the very strong growth record Innovist has established, especially in a competitive beauty and personal care (BPC) marketplace."
About Innovist:
Innovist, founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, rebranded from Onesto Labs in 2022 and has grown as a vertically integrated house of brands with science-driven formulations. The company positions itself as using clean, science-supported ingredients across its wide portfolio of products that spans personal care, skincare, and sun care.
"The company is one of the fastest-growing BPC firms in the nation, crossing ₹300 crore in revenue in FY25," Chawla, founder and CEO of Innovist, said.
"Having been an Innovist day zero backer, we are amazed at Rohit and the team's capability to create a vertically integrated house of science-driven beauty brands. Few teams have the experience in manufacturing and R&D that is necessary to sustain an innovative advantage in a competitive marketplace," said Manu Chandra, founder and managing partner at Sauce VC.
This is in addition to the ₹58 crore Series A capital raised by Innovist in November 2023, led by the Amazon Smbhav Venture Fund with participation from the family office of Nykaa founder Falguni Nayar and former head of KKR India Sanjay Nayar 72 Ventures, as well as Accel India and Sauce VC.
