Innovist, the parent organization of Bare Anatomy, Chemist at Play, and Sunscoop, is seeking to raise Rs. 49.25 crore (about $5.7 million) in its Series B funding round. This represents the company's first investment round in 2025, based in Gurugram. The Innovist board has approved a special resolution to issue 72,223 Series B compulsory convertible preference shares at a price of Rs. 6,819 each, accumulating Rs. 49.25 crore, as per its filing with the Registrar of Companies (RoC).
IVen Amplifi Fund (managed by ICICI Ventures Fund) will lead this round with an investment of Rs 19.47 crore, while Mirabilis Investment Trust is set to contribute Rs. 10.1 crore. Sauce.VC and Niveshaay Sambhav Fund are also participating, committing Rs. 8.75 crore and Rs. 10 crore, respectively.
The new funding will be directed towards hiring, operations, sales, marketing, and other general corporate needs, as determined by the board. As estimated by Entrackr, the company's valuation will be around $140 million following this share allotment. This capital injection seems to be part of a broader funding initiative, with the possibility of additional investments that could further influence its valuation.
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist—previously known as Onesto Labs—provides personal care products. It currently operates three brands: Bare Anatomy, Chemist at Play, and Sunscoop. To date, Innovist has raised over $16 million, including a $7 million Series A round led by the Amazon Smbhav Venture Fund. Based on data from the startup intelligence platform TheKredible, prior to this round, Sauce.VC was the largest external investor, followed by 72 Ventures, Accel India, and the Amazon Smbhav Fund.
The company has yet to submit its annual reports for the previous fiscal year (FY24). In FY23, it reported operational revenue of Rs. 36.53 crore and incurred losses of Rs. 16.87 crore during that timeframe.
