Innovist, the parent company of D2C consumer brands Bare Anatomy, Chemist at Play, and SunScoop, has raised $7 million in a Series A funding round led by Amazon Smbhav Venture Fund.
The round also saw participation from several existing investors, including 72 Ventures, the family office of Nykaa founder Falguni Nayar and former KKR India head Sanjay Nayar, Accel India, and Sauce.VC.
What is the purpose of fundraising?
With this round of funding, the startup plans to focus on product innovation, market expansion, and strengthening its team. The strategic allocation of resources aims to bolster Innovist's position in the competitive personal care market, the startup said in a statement.
What does Innovist do?
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist, previously known as Onesto Labs, has been making waves in the personal care industry. With its three brands – Bare Anatomy, Chemist at Play, and SunScoop, Innovist competes with other prominent D2C brands like WOW Skin Science, mCaffeine, and Mamaearth.
What is Amazon Smbhav Venture Fund?
The Amazon Smbhav Venture Fund, launched in 2021 with a corpus of $250 million, has been actively investing in early-stage Indian startups.
The fund has a diverse portfolio, including investments in financial services, healthcare, and consumer tech sectors. Innovist is among the latest beneficiaries of this fund, which has previously invested in companies like XYXX, M1 Xchange, The Good Glamm Group, Fitterfly, and others.
Commenting on the investment, a spokesperson for Amazon Smbhav Venture Fund in a statement said, “Rohit and the team at Innovist are doing some great work in bringing an exciting range of beauty and personal care products to customers across India. We are excited to work with them for their next phase of growth.”
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