With the help of Amazon Smbhav Venture Fund, Innovist, the parent company of Play’s Chemist and Bare Anatomy consumer brands, has raised $7 million in a Series A funding round.
Participants in the round included current investors 72 Ventures, the family office of Nykaa founder Falguni Nayar and former head of KKR India Sanjay Nayar, Accel India, and Sauce.vc.
Several important goals, including product innovation, market expansion, and team building, will be accomplished with the proceeds.
Innovist, formerly Onesto Labs, was founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola. The company sells personal care products. At the moment, it carries three brands: SunScoop, Chemist at Play, and Bare Anatomy.
The Gurugram-based business raised $3.5 million in its pre-Series A round in April of last year, with Accel Partners and 72 Ventures serving as the lead investors. Before that, Sauce Venture Capital had contributed $500K to the startup’s seed funding round in 2019.
The men’s lifestyle and premium innerwear brand XYXX raised $13.5 million in May, with funding led by Amazon Smbhav Venture Fund. Moreover, M1xchange, The Good Glamm Group, Cashify, Fitterfly, and Smallcase are among the startups that the fund has supported.
