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Exclusive: Bare Anatomy parent Innovist kicks off Series B round

EntrackrEntrackr · 1y 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.

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

EntrackrEntrackr · 11m 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: Battery Smart kicks off pre-Series C funding round

EntrackrEntrackr · 14d ago
Exclusive: Battery Smart kicks off pre-Series C funding round
Medial

Exclusive: Battery Smart kicks off pre-Series C funding round Battery Smart has initiated its pre-Series C funding round. While the size of the round is unknown, Acacia Inclusion, Blume Ventures and PC-SBI Kurashi Visionary Fund have already invested over $7 million. According to its regulatory filings with the Registrar of Companies, the board of Battery Smart has passed a special resolution to allot 12,158 pre-Series C compulsory convertible preference shares at an issue price of Rs 54,407 each for Rs 66 crore (approximately $7.4 million). Acacia Inclusion led the round with an investment of Rs 36.3 crore, followed by PC-SBI Kurashi Visionary Fund with Rs 17.8 crore, while Blume Ventures joined the pre Series C round with Rs 12 crore. The proceeds will be used to support business expansion, capital expenditure, working capital requirements, and other general corporate purposes, as per filings. Battery Smart offers lithium-ion batteries for electric two- and three-wheelers that can be swapped within minutes at its network of swapping stations. Through its battery-as-a-service (BaaS) model, the company enables users, particularly gig economy drivers, to avoid the upfront cost of owning batteries. To date, Battery Smart has raised around $192 million in funding, including its $65 million Series B round and $29 million extended Series B round. Its cap table includes prominent investors such as Tiger Global, Blume Ventures, and Ecosystem Integrity Fund. On the financial front, the company reported a 52% year-on-year increase in operating revenue to Rs 249 crore in FY25, up from Rs 164 crore in FY24. Battery Smart also stated that it has achieved operating break-even and turned EBITDA positive.

Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr · 1y ago
Exclusive: Neo kicks off Series B with $26.5 Mn
Medial

Wealth and asset management company Neo has raised Rs 220 crore or $26.5 million in its Series B led by Crystal Investment. This is the second significant round for the Mumbai-based company in the past 9 months. The board at Neo has approved issuing Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Crystal investments pumped in Rs 140 crore (approximately $16.8 million) while Mufg Bank and individual investor Deepak Agarwal participated with Rs 78 crore and Rs 2 crore, respectively. This seems to be part of an ongoing round and the firm may raise more funds.. As per TheKredible’s estimates, the company has been valued at around Rs 1,920 crore or $231 million post-allotment. Neo has raised around $104 million to date including its $35 million Series B round led by Peak XV in October last year. According to the startup data intelligence platform TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. Meanwhile, its co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. The three-year-old firm demonstrated supper growth in the fiscal year ending March 2023 as its revenue ballooned 9X to Rs 65.1 crore. Neo achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 1y ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

Bare Anatomy parent Innovist crosses Rs 300 Cr revenue in FY25, turns profitable

EntrackrEntrackr · 3m ago
Bare Anatomy parent Innovist crosses Rs 300 Cr revenue in FY25, turns profitable
Medial

Innovist, the parent company of Bare Anatomy, Chemist at Play, Sunscoop, and Vinci, reported strong financial performance in the fiscal year ended March 2025, with total revenue surpassing Rs 300 crore while turning profitable during the year. Innovist has posted over 2.8X year-on-year growth in its operating revenue to Rs 299 crore in FY25 from Rs 105.8 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist, formerly known as Onesto Labs, offers hair and skin products and currently operates four brands: Bare Anatomy, Chemist at Play, Sunscoop, and Vinci Botanicals. The sale of these products was the primary source of revenue for the company, accounting for 97.5% of total revenue or Rs 291.5 crore, while the remaining Rs 7.6 crore came from the shipping receipts. Innovist also earned Rs 2.34 crore from interest on current investments and other non-operating sources, taking its total income to Rs 301.4 crore. On the expense side, advertising remained the company’s largest cost head, rising 2.5X year-on-year to Rs 136.5 crore and accounting for over 45% of the total expenditure. The cost of materials, another key expense component, also surged 2.6X to Rs 78.5 crore during the year. Warehousing-related expenses nearly tripled during the fiscal year to Rs 24 crore, while employee benefit expenses stood at Rs 15 crore, accounting for just 5% of the total cost. Meanwhile, commission paid to sole buying agents for procuring raw materials surged over 19X to Rs 15.5 crore. Other overheads, including transportation, rent, IT expenses, and legal and professional fees, took total expenses to Rs 301 crore in FY25. The D2C house of brands recorded nearly threefold revenue growth in the previous fiscal. It also booked Rs 11.8 crore in deferred tax income. Together, these helped the company turn profitable, posting a Rs 12 crore profit compared to a Rs 12.5 crore loss in FY24. Its ROCE improved to -1.46%, while the EBITDA margin turned positive at 0.42% in FY25 with an EBITDA of Rs 1 crore. On a unit level, Innovist improved its expense-to-earning ratio to Rs 1.01 during the period. The Gurugram-based company reported current assets of Rs 116 crore, including cash and bank balances of Rs 46 crore, as of March 2025. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised $30 million in funding to date, including a $16 million round in April this year through a mix of primary and secondary transactions led by ICICI Venture, which also provided an exit to its existing backer Accel. After a difficult 2024 for the D2C category, some of which is still unfolding for some, many others who survived seem to have learned some important lessons. While the high advertising expenses don’t indicate a drop in competitive intensity yet, the topline growth does point to a business with a more than foothold in the market now. A funding revival of sorts is also underway with some recent news in the category, but for Innovist, bigger prizes await if it can sustain the growth and keep improving margins steadily.

Exclusive: Credilio kicks off Series A; valuation jumps 2.7X

EntrackrEntrackr · 23h ago
Exclusive: Credilio kicks off Series A; valuation jumps 2.7X
Medial

Exclusive: Credilio kicks off Series A; valuation jumps 2.7X Fintech startup Credilio has raised around Rs 30 crore (approximately $3.3 million) in its Series A round led by existing investor Cornerstone Ventures, with participation from Ashra Private Equity Fund. The company’s board has passed a resolution to allot 2,481 compulsory convertible cumulative preference shares (CCCPS) at an issue price of Rs 1,20,880 per share to raise the aforementioned amount. Cornerstone Ventures led the round with an investment of Rs 20 crore, followed by Ashra Private Equity Fund, which infused Rs 10 crore. According to Entrackr’s estimates, Credilio’s valuation has jumped 2.7X to Rs 330 crore (approximately $36.5 million) post-money, compared with its last seed round, which was at Rs 120 crore valuation. According to the filing, the proceeds from the issue will be used for growth, expansion, and general corporate purposes. The company may raise additional capital as the round progresses. Following the latest proceeds, Cornerstone Ventures and Ashra Private Equity Fund hold 17.90% and 3.03%, respectively, on a fully diluted basis. Its cofounders, Aditya Gupta, Anand Kapadia, and Sandeep Ghule hold 12.21% each in the company. Mumbai-based firm had previously raised $4 million (around Rs 30 crore) in its pre-Series A round from Cornerstone Venture Partners Fund (CSVP Fund), Exfinity Venture Partners, and Param Capital founder Mukul Agarwal in his personal capacity. Founded in 2020 by Aditya Gupta, Sandeep Ghule, and Anand Kapadia, Credilio is a digital platform that connects financial advisors, lenders, and consumers, enabling seamless distribution of credit cards and loan products. Credilio reported flat revenue at Rs 79.79 crore in FY25 compared to Rs 79.67 crore in FY24, while its losses declined slightly to Rs 19.35 crore in the same period.

Exclusive: BetterPlace kicks off new round

EntrackrEntrackr · 1y ago
Exclusive: BetterPlace kicks off new round
Medial

Exclusive: BetterPlace, a blue-collar workforce management platform, is raising Rs 31.9 crore ($3.8 million) in its Series D round led by Jungle Ventures. This funding comes over two years after its $64 million Series C round. The board at BetterPlace has passed a resolution to issue 10,574 Series D CCPS at an issue price of Rs 30,174 each to raise Rs 31.9 crore or $2.8 million, its regulatory filing sourced from the Registrar of Companies shows. Jungle Ventures will invest Rs 20.7 crore, while the remaining amount will come from Capria Ventures. This investment is part of BetterPlace's ongoing Series D round, with the firm expected to raise additional funds. The funds will be used for general business operations, as per filings. According to Entrackr estimates, BetterPlace will be valued at approximately $250 million post-allotment, subject to change if further investments are secured. Founded in 2015, BetterPlace offers KYC-based digital employee onboarding, digitized employee records, background verification, skill development training and assessment. According to its website, the firm has provided full-stack workforce management solutions to over 1,000 enterprises, including Amazon, Ola, Uber, Swiggy, and Zomato. BetterPlace has acquired eight companies, including Oust Labs, AasaanJobs, OLX People, Waah Jobs, OkayGo, EzeDox, Troopers, and MyRobin. It competes directly or indirectly with platforms like Apna, GigIndia, and WorkIndia. The company has yet to file its FY24 annual results. In FY23, its revenue from operations stood at Rs 533 crore, while BetterPlace reported a loss of Rs 132 crore during the same period.

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