Acquisition · Commerce & Consumer Brands

L'Oréal acquires majority stake in Innovist

By Startup Enthusiast · 18 June 2026

What they do

Innovist makes science-led beauty brands like Bare Anatomy and Chemist at Play

L'Oréal bought a majority stake, valuing the company at around Rs 4,100 crore

The deal is the largest D2C acquisition in India, surpassing HUL's Minimalist buy

L'Oréal SA has acquired a majority stake in Innovist, the parent company of Bare Anatomy, Chemist at Play, and Sunscoop.
The deal values Innovist at around Rs 4,100 crore.
Financial terms were not disclosed.
Innovist's founders will retain a minority stake and continue to run day-to-day operations.
L'Oréal has a call option to buy the remaining minority stake later.
The transaction is expected to close in the coming months, subject to regulatory approvals.
L'Oréal will consolidate Innovist's sales after the deal closes.

This is L'Oréal's first acquisition of an Indian company in 13 years, since Cheryl's Cosmeceuticals in 2013.
The deal is the largest D2C acquisition in India, surpassing HUL's Minimalist buy (Rs 2,955 crore).
L'Oréal India's sales growth slowed to about 5% in FY25 from 14% in FY24.
Large consumer companies are increasingly acquiring digital-first D2C brands in beauty, personal care, and wellness.

Innovist is a Gurugram-based beauty and personal care startup with science-led brands.
Its brands include Bare Anatomy, Chemist at Play, Sunscoop, Inveda, and Vinci Botanicals.
Products cover haircare, skincare, and sun care, with a focus on ingredients.
Sales channels include its own website, e-commerce platforms, quick commerce, and offline retail.
Innovist has in-house R&D and manufacturing capabilities.
The company was founded in 2019 and rebranded to Onesto Labs in 2022.

The transaction is expected to close in the coming months, subject to regulatory approvals.
L'Oréal will consolidate Innovist's sales after the deal closes.
Founders will continue to lead day-to-day operations.

Sauce VC (existing) — Realised Rs 450-500 crore cash, about 8x blended return.
OTP Ventures (existing) — Generated nearly 40x return on a Rs 25 lakh investment.
ICICI Venture (existing) — Realised Rs 300-350 crore from the deal.
Accel (existing) — Exited investment last year with about 7x return, deployed Rs 7-8 crore.
Amazon (existing) — Invested about Rs 19 crore, returned Rs 160-180 crore, 8-9x.

Product: Science-led personal care and beauty products under brands like Bare Anatomy, Chemist at Play, and Sunscoop.
Customers: Indian consumers looking for science-backed skincare, haircare, and sun protection products.
How it makes money: Sells products directly to consumers online, through marketplaces, quick-commerce, and offline retail partnerships.
What sets it apart: A multi-brand portfolio focusing on science-backed formulations for Indian hair and skin types.
Operations: Operates as a digital-first house of brands with omnichannel distribution across India.