Innovist, the parent company of consumer brands such as Bare Anatomy and Chemist at Play, on Tuesday said it has raised $7 million in a Series A funding round led by Amazon Smbhav Venture Fund. Existing investors, including 72 Ventures, the family office of Nykaa founder Falguni Nayar and former KKR India head Sanjay Nayar, Accel India and Sauce.vc, also participated in the round.
The Gurugram-based house of brands was founded by Rohit Chawla, Sifat Khurana, and Vimal Bhola, with the goal of utilising clean science-backed ingredients and serving consumers in India.
“The capital infusion will be allocated to achieve several key objectives such as product innovation, market expansion, and team building,” said Chawla, who is also the CEO of Innovist.
Founded in 2018, Innovist rebranded itself from Onesto Labs in 2022. The company had raised $2.5 million in September 2021, followed by a pre-Series A round in June 2022.
The Amazon Smbhav Venture Fund, which was launched by the Seattle-based retail giant in April 2021, has backed a number of companies including FreshtoHome, XYXX, Hopscotch, Fitterfly, Cashify, The Good Glamm Group, M1xchange and Smallcase.
The $250 million fund was started with the aim of investing in startups working on digitising small and medium business (SMBs), and those innovating agriculture and healthcare technology.
“Rohit and the team at Innovist are doing some great work in bringing an exciting range of beauty and personal care products to customers across India. We are excited to work with them for their next phase of growth,” said a spokesperson for the Fund.