Bare Anatomy Parent Innovist Raises Rs 136 Cr In Series B Round

Innovist, the parent company of Bare Anatomy, Chemist at Play, and Sunscoop, has raised Rs 136 crore in its Series B funding round led by ICICI Venture.

The funding round, which included both primary and secondary investments, saw participation from Mirabilis Investment Trust, Niveshaay Investment and existing backer Sauce VC.

With this round, Accel—a Silicon Valley-based venture capital firm—has fully exited the company. Accel had originally invested in Innovist through its seed-stage program, Atoms.

The funds will be used to develop new products, enter new markets and grow the team.

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Sharad Malpani, director ICICI Ventures and co-head, IVen Amplifi Fund, said, “We are excited to back Innovist as a maiden investment from our new early growth fund. We are pleased to see the high growth trajectory achieved by Innovist, especially in the face of a highly competitive BPC market, and believe it is poised to sustain this growth momentum going forward.”

“Being a day zero backer of Innovist we are impressed by Rohit and team's execution in building a vertically integrated house of science-based beauty brands. Very few teams understand manufacturing and R&D, which is a must to give that innovation edge in a competitive market,” said Manu Chandra, founder and managing partner at Sauce VC.

About Innovist

Founded in 2018 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist, formerly known as Onesto Labs, rebranded in 2022. The company says it uses clean, science-backed ingredients in its formulations.  It currently operates three brands- Bare Anatomy, Chemist at Play and Sunscoop.

Its previous funding round was on November 2023, when it raised $7 million led by Amazon Smbhav Venture Fund.

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