Beauty and wellness company Innovist recorded a 3.3X spike in revenue in FY23. The same year it saw over Rs 36 crore coming from operations. The preceding year witnessed a revenue of Rs 12 crore with close to Rs 12 crore from operations.
Established in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist is the parent company of skin and hair care brands like Bare Anatomy, Chemist at Play, and Sun Scoop. These brands offer products including hair oil, shampoo, conditioner, serum, moisturizer etc. It offers users a quiz regarding covering their hair issues. The company uses advanced science technologies to prepare unique botanical formulations based on individual hair needs.
The three-year-old company has raised over Rs 100 crore through 5 funding rounds. In an extended Series A held in November 2023, it raised Rs 58.4 crore from Amazon Smbhav Venture Fund, 72 Venture, Falguni Nayar, Sanjay Nayar, Accel India among others. It previously raised over Rs 26 crore with Accel India as the lead investor.
As compared to the preceding year, the company’s overall expenses saw a 2.6X spike to almost Rs 56 crore in FY23. While advertisements and promotional costs contributed Rs 21.3 crore, cost of materials contributed over Rs 15 crore to the expenses the same fiscal year.
It witnessed a 56% rise in losses to Rs 16.9 crore in FY23 as compared to the previous Rs 10.8 crore. Both its EBITDA margin and ROCE improved to -39.98% and -73.64% respectively in the fiscal year ending March 2023.