Innovist Raises INR 136 Cr from ICICI Venture to Fuel Innovation and Expansion This latest fundraise follows Innovist's INR 58 crore Series A round in November 2023, bringing its total capital raised to over USD 26 million to date.
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Innovist, the science-led personal care company behind brands like Bare Anatomy, Chemist at Play, and Sunscoop, has raised INR 136 crore (approximately USD 16 million) in a fresh funding round led by ICICI Venture. The round included both primary and secondary components and will be used to accelerate product innovation, expand market reach, and strengthen the team.
The Gurugram-based company also saw a complete exit from early investor Accel, which had backed Innovist via its seed-stage initiative, Atoms. Other participants in this round include Mirabilis Investment Trust, Niveshaay Investment, and returning investor Sauce VC.
"We are excited to back Innovist as a maiden investment from our new early growth fund," said Sharad Malpani, Director at ICICI Venture and Co-head of the IVen Amplifi Fund. "We are pleased to see the high growth trajectory achieved by Innovist, especially in the face of a highly competitive BPC market."
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist—formerly Onesto Labs—rebranded in 2022 to better reflect its identity as a science-first, vertically integrated house of beauty and personal care brands. The startup claims to use clean, dermatologically tested formulations rooted in R&D across its portfolio of hair care, skincare, and sun protection products.
With a strong emphasis on in-house manufacturing and scientific innovation, Innovist has scaled rapidly and claims to have crossed INR 300 crore in revenue in FY25. "The company is among the fastest-growing BPC companies in the country," said founder and CEO Rohit Chawla.
"Being a day zero backer of Innovist, we are impressed by Rohit and the team's execution in building a vertically integrated house of science-based beauty brands," added Manu Chandra, founder and managing partner at Sauce VC. "Very few teams understand manufacturing and R&D, which is a must to give that innovation edge in a competitive market."
This latest fundraise follows Innovist's INR 58 crore Series A round in November 2023, bringing its total capital raised to over USD 26 million to date.
