Founder Stack

French beauty giant L'Oréal has signed an agreement to acquire a majority stake in personal care startup Innovist, marking its latest bet on India's fast-growing beauty and personal care market. The financial details of the transaction were not disclosed. However, earlier media reports suggested that the proposed dealcould valueInnovist between $350 million and $450 million (Rs 3,240–4,170 crore). Founded in 2019 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist operates science-led personal care brands including Bare Anatomy and Chemist at Play. The company sells its products through direct-to-consumer channels, e-commerce marketplaces, quick commerce platforms, and offline retail stores. As part of the deal, the founding team will continue to lead the business and retain a minority stake. Innovist's brands will be integrated into L’Oréal's Consumer Products Division portfolio. The transaction is expected to close in the coming months, subject to regulatory approvals and customary closing conditions. L’Oréal has also secured rights to acquire the remaining minority shareholding in the future. “Our investment in this innovative Indian startup is a clear testament to our commitment to expanding L'Oréal’s footprint in India,” said Nicolas Hieronimus, Chief Executive Officer of L'Oréal. The acquisition strengthens L’Oréal’s presence in India, one of the world's fastest-growing beauty markets, while adding a portfolio of digital-first brands focused on science-backed skincare and haircare products tailored for Indian consumers. Innovist has emerged as one of the notable digital-first personal care companies in India, competing with brands such as Honasa Consumer, Pilgrim, and Minimalist in the premium beauty and personal care segment. India’s D2C beauty and wellness sector has witnessed a wave of consolidation in recent years as large consumer companies seek to strengthen their portfolios with digital-first brands. In February, Hindustan Unilever Limited acquired the remaining 49% stake in Oziva for Rs 824 crore. During the same month, USV acquired a 79% stake in Wellbeing Nutrition, while Marico bought a 60% stake in Cosmix at a Rs 375 crore valuation. Other notable deals include Marico’s acquisition of 4700BC, ITC’s acquisition of Yoga Bar, and Honasa Consumer’s acquisition of The Derma Co. The trend gathered pace last year with HUL’s acquisition of Minimalist at a pre-money valuation of Rs 2,955 crore. If completed at the upper end of the reported valuation range, the L’Oréal–Innovist transaction would surpass the HUL–Minimalist deal to become one of the largest acquisitions in India’s D2C beauty and personal care segment. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a