French beauty giant L'Oréal has closed its acquisition of a majority stake in Innovist, the Gurugram-based digital-first personal care company behind Bare Anatomy, Chemist at Play and SunScoop. The deal, announced in June 2026 and confirmed closed in L'Oréal's third-quarter earnings this week, reportedly values Innovist at around ₹4,100 crore — one of the biggest recent exits for an Indian beauty startup, and a landmark moment for startup funding in India.
Revenue nearly tripled before the deal
Innovist clocked operating revenue of ₹686 crore in FY26, nearly 2.8 times its ₹247 crore in FY25, according to The Economic Times. People familiar with the transaction said revenue grew another 50% between June and October, showing the momentum continued right up to closing. Founded in 2019 by Rohit Chawla, Sifat Khurana and Vimal Bhola, Innovist built science-led, clean-formulation products sold through its own direct-to-consumer platforms, e-commerce channels and offline retail across India.
Under the agreement, Innovist's founding team remains in place as minority shareholders and will continue to run and scale the business in collaboration with L'Oréal India. Its brands join L'Oréal's Consumer Products Division portfolio, L'Oréal will begin consolidating Innovist's sales from the closing date, and it has secured rights to buy out the minority shareholders in full over time.
Why L'Oréal wanted Innovist
L'Oréal CEO Nicolas Hieronimus told the earnings call that India is witnessing a “great turnaround”, with the consumer products division posting double-digit growth in the September quarter and the company accelerating its commerce push with a sharp focus on quick commerce. L'Oréal's third-quarter sales hit €11.56 billion as growth accelerated globally. Alongside the Innovist deal, L'Oréal's corporate venture fund BOLD has partnered with Nykaa to take minority stakes in high-growth Indian beauty, personal care and wellness brands, and the group is expanding dermatological brands CeraVe and La Roche-Posay into more Indian cities.
Why it matters for founders
Innovist's exit shows what acquirers actually pay for: near-triple revenue growth, science-led products with transparent ingredients, and an omnichannel engine spanning D2C, marketplaces and quick commerce. Founders chasing an exit should note the structure too — the team stays on as minority shareholders, so the deal rewards operators who keep building after the cheque, not just those who sell and walk away.