Innovist, the parent company of Bare Anatomy, has raised Rs 136 crore ($16 million) in a Series B funding round led by ICICI Venture.WHO: Innovist, previously known as Onesto Labs, was founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola. The vertically integrated house of brands consists of Bare Anatomy, Chemist at Play, and Sunscoop. The company is known for its science-backed, ingredient-focused approach to skincare and haircare. The start-up claims to use clean, dermatologically tested formulations rooted in R&D across its portfolio of haircare, skincare, and sun protection products.WHY: The funding will be used for product development, business growth, and team expansion.IN THEIR OWN WORDS: “Innovist is one of the fastest-growing BPC (beauty and personal care) companies in India. We’re targeting to cross Rs 300 crore ($35 million) in revenue by FY25,” said Rohit Chawla, founder and CEO of Innovist."We are excited to back Innovist as a maiden investment from our new early growth fund," said Sharad Malpani, Director at ICICI Venture and co-head of the IVen Amplifi Fund. "We are pleased to see the high growth trajectory achieved by Innovist, especially in the face of a highly competitive BPC market.""Being a day zero backer of Innovist, we are impressed by Rohit and the team's execution in building a vertically integrated house of science-based beauty brands," added Manu Chandra, founder and Managing Partner at Sauce VC. "Very few teams understand manufacturing and R&D, which is a must to give that innovation edge in a competitive market.