Innovist, the parent company behind science-led beauty brands such as Bare Anatomy, Chemist at Play, and Sunscoop, has raised ₹136 crore in a fresh funding round led by ICICI Venture.
The round saw participation from Mirabilis Investment Trust, Niveshaay Investment, and existing backer Sauce.vc. The funding round includes both primary and secondary components.
The funds raised will be used to support product innovation and development, business growth, market expansion, and team development.
Previously in November 2023, Innovist raised in its Series A funding round led by the Amazon Smbhav Venture Fund, with participation from 72 Ventures, the family office of Nykaa founder Falguni Nayar and former KKR India head Sanjay Nayar, Accel India, and Sauce VC.
Innovist founder and CEO Rohit Chawla said, “The capital infusion will be strategically allocated to achieve several key objectives such as product innovation, market expansion, and team building.”
Sharad Malpani, Director of 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.
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist rebranded from Onesto Labs in 2022 and has since positioned itself as a vertically integrated house of brands rooted in science-led formulations.
Innovist claims to use clean, science-backed ingredients across its product portfolio, which spans personal care, skin care, and sun protection. Currently, it manages three brands: Bare Anatomy, Chemist at Play, Sunscoop, and Vinci Botanicals brands.
