Bare Anatomy parent Innovist crosses Rs 300 Cr revenue in FY25, turns profitable

Innovist, the parent company of Bare Anatomy, Chemist at Play, Sunscoop and Vinci, reported strong financial performance in the fiscal year ended March 2025, with total revenue surpassing Rs 300 crore while turning profitable during the year.

Innovist has posted over 2.8X year-on-year growth in its operating revenue to Rs 299 crore in FY25 from Rs 105.8 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC).

Founded in 2018 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist, formerly known as Onesto Labs, offers hair and skin products and currently operates four brands: Bare Anatomy, Chemist at Play, Sunscoop and Vinci Botanicals. The sale of these products was the primary source of revenue for the company, accounting for 97.5% of total revenue or Rs 291.5 crore, while the remaining Rs 7.6 crore came from the shipping reciepts.

Innovist also earned Rs 2.34 crore from interest on current investments and other non-operating sources, taking its total income to Rs 301.4 crore.

On the expense side, advertising remained the company’s largest cost head, rising 2.5X year-on-year to Rs 136.5 crore and accounting for over 45% of the total expenditure. The cost of materials, another key expense component, also surged 2.6X to Rs 78.5 crore during the year.

Warehousing-related expenses nearly tripled during the fiscal year to Rs 24 crore, while employee benefit expenses stood at Rs 15 crore, accounting for just 5% of the total cost. Meanwhile, commission paid to sole buying agents for procuring raw materials surged over 19X to Rs 15.5 crore.

Other overheads, including transportation, rent, IT expenses, and legal and professional fees, took total expenses to Rs 301 crore in FY25.

The D2C house of brands recorded nearly threefold revenue growth in the previous fiscal. It also booked Rs 11.8 crore in deferred tax income. Together, these helped the company turn profitable, posting a Rs 12 crore profit compared to a Rs 12.5 crore loss in FY24.

Its ROCE improved to -1.46%, while the EBITDA margin turned positive at 0.42% in FY25 with an EBITDA of Rs 1 crore. On a unit level, Innovist improved its expense-to-earning ratio to Rs 1.01 during the period. The Gurugram-based company reported current assets of Rs 116 crore, including cash and bank balances of Rs 46 crore, as of March 2025.

According to startup data intelligence platform TheKredible, the Gurugram-based company has raised $30 million in funding to date, including a $16 million round in April this year through a mix of primary and secondary transactions led by ICICI Venture, which also provided an exit to its existing backer Accel.

After a horror 2024 for the D2C category, some of which is still unfolding for some, many others who survived seem to have learnt some important lessons. While the high advertising expenses don’t indicate a drop in competitive  intensity yet, the topline growth does point to a business with a more than foothold in the market now. A funding revival of sorts is also underway with some recent news in the category, but for Innovist, bigger prizes await if it can sustain the growth and keep improving margins steadily.