Innovist, the parent company of Bare Anatomy, Chemist at Play, Sunscoop, and Vinci, delivered a strong financial performance in the fiscal year ended March 2025, as total revenue crossed Rs 300 crore and the company achieved profitability during the year.
During FY25, Innovist recorded more than 2.8X year-on-year growth in operating revenue, reaching Rs 299 crore compared to Rs 105.8 crore in FY24, as reflected in its consolidated filings with the Registrar of Companies. Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist—earlier known as Onesto Labs—builds hair and skin care products across four brands: Bare Anatomy, Chemist at Play, Sunscoop, and Vinci Botanicals.
Moreover, product sales remained the company’s primary revenue driver, contributing 97.5% of total revenue, or Rs 291.5 crore, while shipping receipts added another Rs 7.6 crore during the year. In addition, Innovist earned Rs 2.34 crore from interest on current investments and other non-operating sources, which lifted its total income to Rs 301.4 crore.
On the cost side, advertising continued to be the largest expense, rising 2.5X year-on-year to Rs 136.5 crore and accounting for more than 45% of total expenditure. Meanwhile, material costs also climbed sharply, increasing 2.6X to Rs 78.5 crore over the same period.
Furthermore, warehousing expenses nearly tripled to Rs 24 crore in FY25. Employee benefit expenses stood at Rs 15 crore and accounted for around 5% of total costs. At the same time, commissions paid to sole buying agents for sourcing raw materials surged over 19X to Rs 15.5 crore.
Additionally, other overheads—including transportation, rent, IT costs, and legal and professional fees—pushed total expenses to Rs 301 crore for the year.
As a result of nearly threefold revenue growth and the recognition of Rs 11.8 crore in deferred tax income, the D2C house of brands swung to profitability. Innovist reported a net profit of Rs 12 crore in FY25, compared with a loss of Rs 12.5 crore in FY24. Consequently, its ROCE improved to -1.46%, while the EBITDA margin turned positive at 0.42%, supported by an EBITDA of Rs 1 crore.
At the unit level, the company improved its expense-to-earning ratio to Rs 1.01 during the year. As of March 2025, the Gurugram-based firm reported current assets worth Rs 116 crore, including cash and bank balances of Rs 46 crore.
According to startup data intelligence platform TheKredible, Innovist has raised $30 million in funding to date. Most recently, the company secured $16 million in April through a mix of primary and secondary transactions led by ICICI Venture, which also enabled an exit for its existing investor, Accel.
