Innovist, the parent company of Bare Anatomy, Chemist at Play, and Sunscoop, has started its Series B funding round. The company aims to raise Rs 49.25 crore (around $5.7 million) in this round. This marks Innovist’s first funding round in 2025 and signals an important step in its growth journey.
The Innovist board has approved the issuance of 72,223 Series B compulsory convertible preference shares. These shares are priced at Rs 6,819 each, raising Rs 49.25 crore. The company plans to use the funds for recruitment, operations, sales, marketing, and other corporate purposes.
Key Investors Back Innovist’s Growth
The IVen Amplifi Fund, managed by ICICI Ventures Fund, will lead the Series B round with an investment of Rs 19.47 crore. Mirabilis Investment Trust will contribute Rs 10.1 crore, while Sauce.VC and Niveshaay Sambhav Fund will invest Rs 8.75 crore and Rs 10 crore, respectively. These strategic investments demonstrate increasing confidence in Innovist’s business model and its potential for long-term growth.
Looking Toward a $140 Million Valuation
Post-allotment, Innovist is likely to achieve a valuation of approximately $140 million, according to estimates from Entrackr. This Series B funding round appears to be part of a broader funding effort, with the possibility of additional investments. Such investments could further boost the company’s valuation and accelerate its expansion.
The Innovist Story
Innovist, founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, began as Onesto Labs. The company has since gained traction with its three key brands: Bare Anatomy, Chemist at Play, and Sunscoop. Innovist has focused on offering innovative personal care products, positioning itself as a key player in the competitive market.
Past Funding Success
Innovist has already raised over $16 million in funding, with the most recent Series A round securing $7 million from the Amazon Smbhav Venture Fund. Investors such as Sauce.VC, 72 Ventures, Accel India, and the Amazon Smbhav Fund have contributed to the company’s growth, making them key external stakeholders. The company has successfully built strong investor confidence over time.
Financial Performance and Future Outlook
While Innovist has not filed its annual financial statements for FY24, it reported a revenue of Rs 36.53 crore in FY23. Despite showing growth, the company faced a loss of Rs 16.87 crore during the same period. This highlights both the challenges of scaling and the substantial investments Innovist has made to expand its operations.
As Innovist moves forward with this new capital, it is well-positioned to continue expanding its presence in the personal care industry. With the Series B funds, the company aims to accelerate its operations, improve customer acquisition, and scale its brands further.
