New Delhi, April 7 -- Beauty and personal care company Innovist, which is the parent of hair care brand Bare Anatomy and skincare brand Chemist at Play, has raised Series B funding in a round led by alternative investment firm ICICI Venture's maiden venture capital fund.

Mirabilis Investment Trust, the family office of Infosys co-founder K Dinesh, and Niveshaay Investment also joined as new investors in the round while existing investor Sauce.VC reinvested, Innovist said in a statement.

The total size of the round was Rs 136 crore ($15.8 million). It comprised a mix of primary and secondary transactions. Global venture capital firm Accel, which invested in the company via its seed program Atoms, exited Innovist.

Innovist didn't give a breakup of the primary capital infusion and secondary transactions.

The company plans to use the fresh capital for product innovation, market expansion, and team building, said Rohit Chawla, founder and CEO of Innovist.

The company crossed Rs 300 crore in revenue during FY25, said Chawla. The company's FY24 financials weren't immediately available but revenue from operations for FY23 stood at Rs 36.54 crore with a net loss of 16.63 crore, as per VCCEdge, the data intelligence platform of VCCircle.

ICICI Venture made the investment in Innovist via its newly launched growth fund IVen Amplifi. Last month, VCCircle reported that the private equity firm was set to

"We...believe it (Innovist) is poised to sustain this growth momentum going forward. Its innovative, scientific research-led approach has allowed it to maintain strong customer satisfaction and continue serving them effectively," said Sharad Malpani, director of ICICI Venture and co-head of IVen Amplifi Fund.

Innovist is a beauty and personal care company which operates brands such as Bare Anatomy, Chemist at Play, SunScoop, and Vinci Botanicals. Prior to this, the company raised $7 million in Series A funding round led by Amazon Smbhav Venture Fund in November 2023. Sauce.vc, 72 Ventures (the family office of Nykaa founder Falguni Nayar and Sanjay Nayar), and Accel India had also participated in the funding exercise. It had raised $3.5 million in its pre-series A round led by Accel and 72 Ventures in June 2022.

Published by HT Digital Content Services with permission from VC Circle.