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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.

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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.

Techfino raises Rs 65 Cr from Stellaris, Saison Capital

EntrackrEntrackr · 1m ago
Techfino raises Rs 65 Cr from Stellaris, Saison Capital
Medial

Bengaluru-based NBFC Techfino has raised Rs 65 crore (around $7.5 million) in funding from Stellaris Venture Partners and Saison Capital, the venture arm of Credit Saison. The proceeds will be used to expand its branch network, enhance its technology platform, and scale its secured MSME lending business. Techfino offers Loan Against Property (LAP) to MSMEs in tier II and III cities using a branch-led model. It operates in Karnataka, Gujarat, Madhya Pradesh, and Andhra Pradesh. It also provides education loans through a B2B2C model by partnering with educational service providers. Founded by Jayaprakash Patra (ex-ICICI Bank, ING), Rajesh Panda (ex-Standard Chartered), and Ratikant Satapathy (ex-Bajaj Finance), Techfino uses its in-house technology platform for underwriting and collections. The platform integrates external APIs to verify borrower data and improve risk assessment. The company claims to have disbursed over 1 lakh loans and crossed Rs 200 crore in assets under management (AUM). It has been profitable since inception and plans to double its number of branches this year while expanding disbursements and secured lending. The firm expects to expand operations and build a sizable LAP portfolio over the next 3–5 years.

Proptech startup Spintly raises Rs 3.5 Cr in extended seed round

EntrackrEntrackr · 6m ago
Proptech startup Spintly raises Rs 3.5 Cr in extended seed round
Medial

Proptech startup Spintly has raised Rs 3.5 crore in an extended seed funding round led by Spyre VC, along with participation from Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology. The company had previously raised $5.36 million from Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest. The proceeds will be utilized to accelerate its market reach, increase its presence in different countries, strengthen senior management functions, and expand the scope of its smart building solutions by leveraging AI and machine learning, Spintly said in a press release. Co-founded in 2017 by Rohin Parkar and Malcolm Dsouza, Spintly leverages cutting-edge technologies to empower the way buildings operate by providing wireless, cloud-based access control solutions and smart building systems. With a focus on simplicity, scalability, and innovation, it eliminates the need for legacy systems by leveraging IoT, Edge AI, and smartphone-based technology to create seamless and efficient user experiences.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 11m ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

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