Innovist, the parent company of personal care brands such as Bayer Anatomy and Chemist at Play, has raised Rs 136 crore (about $15.8 million) in a Series B funding round led by ICICI Venture through its early growth fund Iven Amplifi.

The round, which includes primary and secondary investments, includes Mirabilis Investment Trust, Niveshai Investment and existing investor Zos. VC was also present. As part of the secondary transaction, Axel, an early investor, exited the company.

Rohit Chawla, Founder and CEO of Innovist, said in a statement that the funds will be used strategically to drive product innovation, develop market presence and strengthen the team.

Founded in 2018 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist serves as a 'house of brands' with a focus on clean, science-based hair care and skincare products. Its brand portfolio includes Bayer Anatomy, Chemist at Play, Sunscoop and Vinci Botanicals.

The funding comes amid growing investor interest in India's $5 billion D2C beauty and personal care market. According to industry estimates, the sector attracted more than $1 billion in funding between 2014 and the first half of 2024. With the market expected to reach $28 billion in the next five years, legacy FMCG giants such as Hindustan Unilever, Marico and ITC are actively acquiring high-growth, science-based D2C brands to strengthen their portfolios.