Innovist, the parent company overseeing consumer brands such as Bare Anatomy and Chemist at Play, has recently achieved a notable milestone by securing a substantial boost of $7 million in a Series A funding round. This funding initiative, led by the esteemed Amazon Smbhav Venture Fund, witnessed enthusiastic participation from our valued existing supporters, including 72 Ventures, the family office associated with the esteemed founder of Nykaa, Falguni Nayar, as well as Sanjay Nayar (former KKR India head), Accel India, and Sauce VC.
This generous capital infusion is intended for strategic objectives, with a primary emphasis on promoting product innovation, broadening market presence, and strengthening the company's workforce. Established in 2018 as Onesto Labs, the company, now known as Innovist, specializes in personal care items. Remarkable brands within its portfolio include Bare Anatomy, Chemist at Play, and SunScoop.
The entrepreneurial journey of Innovist was greatly enhanced in April of the previous year when it successfully raised $3.5 million in its pre-Series A round, with significant support from its existing backers Accel Partners and 72 Ventures. Before that, in 2019, the startup had commenced its venture with a seed funding round, receiving $500,000 from Sauce Venture Capital.
The funding news is in line with Amazon Smbhav Venture Fund's commitment to actively support promising ventures. In the past, the fund had the privilege of leading a funding round of $13.5 million in XYXX, a brand that specializes in men's premium innerwear and lifestyle. The Amazon Smbhav Venture Fund takes pride in its diverse portfolio, which includes investments in startups like M1xchange, The Good Glamm Group, Cashify, Fitterfly, and Smallcase.
Image credits: Forbes India
The recent financial infusion received by Innovist demonstrates the trust and belief that investors have in the company's potential for growth. As Innovist moves forward, it intends to utilize this funding to enhance its position in the competitive market, by exploring new avenues in product development and expanding its market reach.
In conclusion, as Innovist moves forward into its next phase, driven by significant funding, the possibilities for innovation and expansion seem quite encouraging. The company finds itself at the crossroads of delivering exceptional personal care and strategic growth, which demonstrates its dedication to providing high-quality products in the ever-changing consumer market.
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