Bare Anatomy's parent Innovist raises Rs 136 crore in a Series B round

Innovist, the parent company behind science-led beauty brands such as Bare Anatomy, Chemist at Play, and Sunscoop, has raised Rs 136 crore (approximately $16 million) in a fresh funding round led by ICICI Venture.

The Gurugram-based company said the round, comprising both primary and secondary components, will support product innovation, market expansion, and team development.

The round marks a full exit for early investor Accel, which had backed Innovist through 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."

What does Innovist do?

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.

The company claims to use clean, science-backed ingredients across its product portfolio, which spans personal care, skin care, and sun protection.

"The company is among the fastest growing BPC companies in the country, crossing Rs 300 crore in revenue in FY25," said Chawla, who serves as Innovist's founder and chief executive.

"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. 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.

The latest investment follows Innovist's Rs 58 crore Series A funding round in November 2023, 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.