VC Fund Investments
Skincare co. Innovist raises $5.7 M in Series B led by ICICI Venture, others
Innovist , the Gurugram-based parent company of consumer brand ‘Bare Anatomy’, has raised INR 49.25 crore (around USD 5.7 million) in a Series B round of funding led by IVen Amplifi Fund (INR 19.47 crore) managed by ICICI Venture, with participation from Mirabilis Investment Trust (INR 10.1 crore), Niveshaay Sambhav Fund (INR 10 crore) and Sauce.VC (INR 8.75 crore) at a post-money valuation of around USD 140 million.The company is to issue 72,223 Series B compulsorily convertible preference shares (CCPS) at INR 6,819 each to raise the sum. The proceeds will be used for recruitment, operations, sales, marketing, and other general corporate purposes. This capital infusion appears to be part of a larger funding round, with the potential for additional investments.Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist operates three personal care brands: Bare Anatomy, Chemist at Play, and Sunscoop.
Between Jul 2019 and Nov 2023, Innovist had attracted about USD 13 M from Sauce VC, RAAY Global Investments, 72 Ventures, Accel India, and others.For FY23, Innovist had reported about INR 36 Cr in Operating Income and about INR 16 Cr in Net Loss.
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