Innovist, the parent company managing well-known direct-to-consumer (D2C) brands like Bare Anatomy and Chemist at Play, has secured $7 million in its latest Series A funding. Amazon Smbhav Venture Fund led this funding round, with significant involvement from current investors including 72 Ventures, Falguni Nayar's family office associated with Nykaa, former KKR India head Sanjay Nayar, as well as Accel India and Sauce.vc.

The recent funding injection aims to support Innovist's initiatives in enhancing product innovation, expanding its market reach, and strengthening its team. Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist specializes in personal care items and currently oversees three distinct brands: Bare Anatomy, Chemist at Play, and SunScoop. The startup employs a multi-channel approach to product distribution.

Previously, in the previous year, Innovist secured $3.5 million in its pre-series A funding, led by Accel Partners and 72 Ventures, following an earlier funding round in 2021 that amassed $2.5 million. With the recent Series A funding, Innovist's total funding has now exceeded $13 million. Amazon's strategic venture fund, Amazon Smbhav Venture Fund, played a pivotal role in this funding round. Established in 2021 with an initial capital of $250 million, the fund has actively invested in early-stage Indian startups across various sectors, including finance, healthcare, and consumer technology. By May of the current year, it had allocated funds to five companies, with Innovist being the latest recipient.

This funding momentum observed in the Indian startup ecosystem extends beyond Innovist. In May, D2C menswear startup XYXX secured $13.5 million in its Series C funding, led by Amazon Smbhav Venture Fund. The venture fund's portfolio also includes prominent entities like The Good Glamm Group, M1 Xchange and Fitterfly, among others. An analysis by Inc42 suggests that the Indian e-commerce industry is projected to become a $400 billion opportunity by 2030. Particularly in the beauty and personal care segment, a key focus area for Innovist, it is anticipated to reach a significant size of $28 billion, demonstrating a robust compound annual growth rate (CAGR) of 27% between 2022 and 2030. This underscores the substantial potential and attractiveness of the sector for both investors and industry participants.