Innovist, the parent entity of D2C consumer brands Bare Anatomy and Chemist at Play, has raised $7 Mn in its Series A funding round led by Amazon Smbhav Venture Fund.
Several other 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, as per multiple media reports.
The startup will use the fresh funds for product innovation, market expansion, and team building, the reports said.
Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist offers personal care products. It currently owns three brands – Bare Anatomy, Chemist at Play, and SunScoop. The startup uses an omnichannel model to sell its products.
Last year, Innovist raised $3.5 Mn in its pre-series A funding round led by Accel Partners and 72 Ventures after securing $2.5 Mn in 2021.
Including the latest round, the total amount of funding raised by the startup is estimated at over $13 Mn.
Innovist competes with the likes of WOW Skin Science, mCaffeine, Mamaearth, and numerous other personal care D2C brands in the country.
Amazon launched its maiden $250 Mn venture fund, Amazon Smbhav Venture Fund, in 2021 to invest in early-stage Indian startups. Till earlier this year, the fund had infused money in five companies across sectors like financial services, healthcare, and consumer tech.
Later, in May, D2C menswear startup XYXX raised $13.5 Mn as part of its Series C funding round led by Amazon Smbhav Venture Fund. The fund’s portfolio also includes The Good Glamm Group, M1 Xchange, Fitterfly, and others.
As per Inc42’s analysis, the ecommerce ecosystem in India is expected to emerge as a $400 Bn opportunity by 2030, with the beauty and personal care market’s size estimated to be $28 Bn, growing at a CAGR of 27% between 2022 and 2030.
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