Innovist, a startup backed by Sauce VC and known for its hair care brand Bare Anatomy, is in discussions to secure over $15 million from both new and existing investors in a primarily primary funding round. According to sources familiar with the situation, the company has already received term sheets from new investors and anticipates finalizing the round later this month. The funds are intended to support the company’s expansion efforts, which may include product innovation and talent acquisition.
This funding development follows a previous round in which Innovist raised $7 million at a valuation of $42.5 million, led by Amazon Smbhav Venture Fund, with participation from existing investors such as 72 Ventures and the family office of Nykaa founder Falguni Nayar. Founded in 2019 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist aims to create scientific, data-driven, and customer-focused personal care products. The company rebranded to Onesto Labs three years after its inception.
In addition to Bare Anatomy, Innovist operates other brands like Chemist at Play, Sun Scoop, and Vinci, all of which emphasize clean and transparent ingredients. Notably, Innovist is among the few startups in its sector with its own research lab and manufacturing facility. In FY23, the company reported revenues of ₹39.3 crore, a significant increase from ₹12.1 crore the previous year, although its losses grew to ₹16.6 crore from ₹10.8 crore in FY22.
The beauty and personal care industry is currently experiencing consolidation, as many companies face challenges in securing additional funding at favorable valuations. This trend is compounded by existing investors seeking to exit for interim liquidity.
