Bare Anatomy parent Innovist raises Rs 136 crore from ICICI Venture, others

Innovist, the parent company of consumer brands such as Bare Anatomy and Chemist at Play, has raised Rs 136 crore in a funding round led by ICICI Venture.

The round, which was a mix of primary and secondary investment, also saw participation from Mirabilis Investment Trust, Niveshaay Investment, and existing investor Sauce VC.

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

The funds will be used to drive product innovation, expand into new markets, and team building, the Gurugram-based house of brands said.

“The company is among the fastest growing BPC (beauty and personal care) companies in the country, crossing Rs 300 crore revenue in FY25,” founder and chief executive Rohit Chawla said.

Founded in 2018 by Chawla, Sifat Khurana, and Vimal Bhola, Innovist rebranded itself from Onesto Labs in 2022. According to the company, it uses clean science-backed ingredients and formulations.

Innovist last raised $7 million on November 23 in a funding round led by Amazon Smbhav Venture Fund. 72 Ventures, the family office of Nykaa founder Falguni Nayar and former KKR India head Sanjay Nayar, Accel India and Sauce.vc had also participated in the round.

Commenting on the investment, 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.