Innovist, the overarching organization behind direct-to-consumer (D2C) brands Bare Anatomy and Chemist at Play, secured $7 million in its Series A funding round, with Amazon Smbhav Venture Fund taking the lead.
Several investors, including 72 Ventures, the family office of Nykaa founder Falguni Nayar, and former KKR India head Sanjay Nayar, as well as Accel India and Sauce.vc, were reported to have participated in the funding round, according to multiple media sources.
According to the reports, the startup plans to utilize the newly acquired funds for product innovation, expanding its market presence, and strengthening its team.
Established in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist specializes in personal care products. Presently, it operates three brands – Bare Anatomy, Chemist at Play, and SunScoop. The startup employs an omnichannel approach for the distribution of its products.
Last year, Innovist secured $3.5 million in its pre-Series A funding round, led by Accel Partners and 72 Ventures, building on the $2.5 million it had raised in 2021.
Including the latest round, the total amount of funding raised by the startup is estimated at over $13 million.
Innovist competes with the likes of WOW Skin Science, mCaffeine, Mamaearth, and numerous other personal care D2C brands in the country.
In 2021, Amazon launched its first $250 million venture fund, the Amazon Smbhav Venture Fund, with the intention of investing in early-stage Indian startups. Until earlier this year, the fund had already invested in five companies across sectors such as financial services, healthcare, and consumer tech.
In May, the D2C menswear startup XYXX secured $13.5 million in its Series C funding round, with leading participation from the Amazon Smbhav Venture Fund. Other companies in the fund’s portfolio include The Good Glamm Group, M1 Xchange, Fitterfly, and more.
According to analysis, the ecommerce landscape in India is anticipated to become a $400 billion opportunity by 2030. Within this, the beauty and personal care market is projected to reach $28 billion, experiencing a Compound Annual Growth Rate (CAGR) of 27% from 2022 to 2030.