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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.

Shark Tank India-backed Koparo raises $1.7 Mn

EntrackrEntrackr · 3m ago
Shark Tank India-backed Koparo raises $1.7 Mn
Medial

D2C home cleaning brand Koparo is raising Rs 14.5 crore (approximately $1.7 million) in an extended pre-Series A round led by existing investor Saama Capital with the participation of Vikramaditya Mohan Thapar Family Trust, DSG Consumer Partners, M Venture Partners, and others. Previously in February 2024, Koparo raised Rs 6 crore from 4P Capital Partners and Shark Tank India. The board at Koparo passed a special resolution to issue 2,314 pre-Series A2 compulsory convertible preference shares at an issue price of Rs 62,666 each to raise Rs 14.5 crore ($1.7 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. The proceeds will be used to meet the working capital requirements, general corporate purposes, or funding current/future expansion plans of the company, according to filings. According to Entrackr’s estimates, the company's valuation surged by nearly 90%, reaching Rs 124 crore (approximately $14.6 million) compared to its previous funding round. Founded by Simran Khara, Koparo offers natural alternatives to regular cleaning products. With a portfolio of more than 15 products and over 30 SKUs across core and specialty cleaning, its range includes floor cleaners, laundry detergent, fabric conditioners, dishwash liquid, handwash, accessories, and fresheners. According to startup data intelligence platform TheKredible, the Delhi-based company has raised nearly $3 million prior to this round from investors including Saama Capital, M Venture Partners, 4P Capital Partners, and others. Post-allotment, Saama Capital will be the largest external shareholder with a 15.36% stake in the company. In the fiscal year ending March 2024, Koparo’s operating revenue surged 2.3X to Rs 10.22 crore, up from Rs 4.37 crore in FY23. The company reported losses of Rs 5.86 crore in FY24.

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