Through its Series B round, Innovist, the parent company of Bare Anatomy, Chemist at Play, and Sunscoop, is seeking to raise Rs 49.25 crore, or roughly $5.7 million. This is the company's first financing round in 2025, and it is situated in Gurugram.
According to its regulatory filing obtained from the Registrar of Companies (RoC), the board of Innovist has passed a special resolution to issue 72,223 Series B compulsory convertible preference shares at an issue price of Rs 6,819 each, raising Rs 49.25 crore.
With a contribution of Rs 19.47 crore, IVen Amplifi Fund (run by ICICI Ventures Fund) would lead the round, followed by Mirabilis Investment Trust with Rs 10.1 crore. Additionally, Niveshaay Sambhav Fund and Sauce.VC will contribute Rs 8.75 crore and Rs 10 crore, respectively. As determined by the board, the new revenue will be used for hiring, operations, sales, marketing, and other general business needs.
It is predicted that the company's post-allotment valuation will be around $140 million. With the possibility of more investments that could further affect its valuation, this money infusion seems to be a component of a larger funding round. Innovist, a personal care product company, was founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola. At the moment, it runs three brands: Sunscoop, Chemist at Play, and Bare Anatomy.
Including a $7 million Series A financing backed by the Amazon Smbhav Venture Fund, Innovist has raised more than $16 million to date. Prior to this round, Sauce.VC was the biggest external stakeholder, followed by 72 Ventures, Accel India, and the Amazon Smbhav Fund, according to a credible startup data analytics.
The annual statements for the previous fiscal year (FY24) have not yet been filed by the corporation. It had operational income of Rs 36.53 crore in FY23, but it also reported losses of Rs 16.87 crore in the same time frame.
