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Innovist raises Rs 136 Cr led by ICICI Venture; Accel exits

EntrackrEntrackr · 3m ago
Innovist raises Rs 136 Cr led by ICICI Venture; Accel exits
Medial

Innovist, the parent company of Bare Anatomy, has raised Rs 136 crore (approximately $16 million) in a Series B funding round led by ICICI Venture. The round saw participation from Mirabilis Investment Trust, Niveshaay Investment, and existing backer Sauce. The funding round includes both primary and secondary components and will be directed toward product development, business growth, and team expansion, the company said in a media release. In the round, the company provided exit to Accel, which came in via their seed program (atoms). Rohit Chawla, founder and CEO, said that Innovist is one of the fastest-growing BPC (beauty and personal care) firms in the country and aims to cross Rs 300 crore in revenue by FY25. While the company has not yet filed its annual statements for FY24, it reported operational revenue of Rs 36.53 crore in FY23, along with a loss of Rs 16.87 crore. Innovist, previously known as Onesto Labs, was founded in 2018 by Chawla, Sifat Khurana, and Vimal Bhola. The company provides personal care products and currently manages three brands: Bare Anatomy, Chemist at Play, and Sunscoop. To date, Innovist has raised over $26 million, including a $7 million Series A round led by the Amazon Smbhav Venture Fund. According to startup data platform TheKredible, prior to this round, Sauce.VC was the largest external stakeholder, followed by 72 Ventures, Accel India, and the Amazon Smbhav Fund. It competes with D2C beauty brands like Minimalist, Mamaearth, Wow Skin Science, and Sugar Cosmetics.

Exclusive: Bare Anatomy parent Innovist kicks off Series B round

EntrackrEntrackr · 4m ago
Exclusive: Bare Anatomy parent Innovist kicks off Series B round
Medial

Innovist, the parent company of Bare Anatomy, Chemist at Play, and Sunscoop, is raising Rs 49.25 crore (approximately $5.7 million) in its Series B round. This marks the first round of investment for the Gurugram-based company in 2025. The board at Innovist has passed a special resolution to issue 72,223 Series B compulsory convertible preference shares at an issue price of Rs 6,819 each, raising Rs 49.25 crore, according to its regulatory filing accessed from the Registrar of Companies (RoC). IVen Amplifi Fund (managed by ICICI Ventures Fund) will lead the round with Rs 19.47 crore, while Mirabilis Investment Trust will contribute Rs 10.1 crore. Sauce.VC and Niveshaay Sambhav Fund will also participate, investing Rs 8.75 crore and Rs 10 crore, respectively. The fresh proceeds will be utilized for recruitment, operations, sales, marketing, and other general corporate purposes, as decided by the board. According to Entrackr estimates, the company will be valued at approximately $140 million post-allotment. This capital infusion appears to be part of a larger funding round, with the potential for additional investments that could further impact its valuation. Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist—formerly known as Onesto Labs—offers personal care products. It currently operates three brands: Bare Anatomy, Chemist at Play, and Sunscoop. Innovist has raised over $16 million to date, including a $7 million Series A round led by the Amazon Smbhav Venture Fund. According to the startup data intelligence platform TheKredible, prior to this round, Sauce.VC was the largest external stakeholder, followed by 72 Ventures, Accel India, and the Amazon Smbhav Fund. The company has not yet filed its annual statements for the previous fiscal year (FY24). In FY23, it reported operational revenue of Rs 36.53 crore, while its losses amounted to Rs 16.87 crore during the same period.

Exclusive: XYXX raises fresh funds led by Niveshaay Sambhav Fund

EntrackrEntrackr · 4m ago
Exclusive: XYXX raises fresh funds led by Niveshaay Sambhav Fund
Medial

Men-focused premium innerwear and lifestyle brand XYXX is raising Rs 30 crore ($3.6 million) in a funding round led by Niveshaay Sambhav Fund, with participation from Anicut Capital, DSG Consumer Fund, and Sauce Continuity Fund. The board at XYXX has passed a special resolution to issue 1,81,818 Series B2 CCPS at an issue price of Rs 1,650 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies shows. Niveshaay Sambhav Fund will invest Rs 9.93 crore, while Anicut Capital, Sauce Continuity Fund, and DSG Consumer Partners will contribute Rs 7.95 crore, Rs 4.96 crore, and Rs 1.99 crore, respectively. The remaining amount will be invested by Singularity Growth, Selenium Trust, Veena Merchants, and Arun Venkatachalam HUF. XYXX will use these proceeds to meet the capex and working capital requirements for the ongoing operations. According to Entrackr's estimates, it will be valued at around Rs 820 crore post-allotment. XYXX is a lifestyle brand specializing in underwear, loungewear, and athleisure, crafted from premium fabrics. The company claims to have built a network of over 18,000 retailers across 50 cities. Besides its own website, XYXX retails on various marketplaces and claims to be among the top three innerwear brands. In FY23, the company launched its first store in central Mumbai and now plans to expand with new outlets in Indore and Bangalore. XYXX has raised Rs 250 crore to date, including Rs 110 crore led by Amazon Smbhav Venture Fund in May 2023. According to the startup data intelligence platform TheKredible, before this round, Sauce.vc was the largest external stakeholder, followed by DSG Consumer Fund and Amazon Smbhav Venture Fund. XYXX recorded a 25% year-on-year revenue growth, rising from Rs 105 crore in FY23 to Rs 131 crore in FY24. Simultaneously, the company trimmed its losses by 22.2% to Rs 35 crore in FY24.

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