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

EntrackrEntrackr · 2m 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.

Citykart raises Rs 538 Cr led by TPG NewQuest and A91 Partner

EntrackrEntrackr · 1m ago
Citykart raises Rs 538 Cr led by TPG NewQuest and A91 Partner
Medial

Citykart has raised Rs 538 crore ($63 million) in Series B funding, marking one of the biggest capital infusions in the country’s value fashion segment to date. The round was co-led by TPG NewQuest, a secondary private equity platform for Asia within TPG, and A91 Partners, a homegrown investment firm specializing in growth investments. According to the company, about Rs 120 crore is primary capital, with the remaining Rs 418 crore allocated to secondary transactions. Investcorp, an early backer of Citykart, has made a full exit, while India SME Fund continues to hold a minority stake. As per media reports, Investcorp invested Rs 75 crore in 2019 in Citykart’s seed round and will now exit with about Rs 280–300 crore. The primary infusion will enable the company to accelerate expansion in both footprint and product assortment, Citykart said in a press release. Gurugram-based Citykart has opened 12 new stores across India, bringing its total to 137 stores in 91 cities across 11 states. The brand focuses on reaching underserved, budget-conscious markets. With popular in-house labels like Athiya, Nimes, Fumee, and Remise, Citykart now serves over 15 million customers each year and plans to grow to 300 stores. Led by Sudhanshu Agarwal, Citykart is growing at a rate of more than 40% and is aiming to reach Rs 1,300 crore in annual revenue. Last year, Agarwal shared that accessories and general merchandise made up 22% of Citykart’s sales, while men’s wear accounted for 32%, women’s wear 24%, and kids' wear the remaining 22%. He also added that Citykart is eyeing becoming the Primark of Tier II and Tier III cities in India.

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