Innovist cofounder and chief executive Rohit Chawla is expected to pocket around Rs 600-700 crore from the sale of part of his stake to French beauty major L'Oréal, while early investors Sauce VC, ICICI Venture and OTP Ventures are set for sizeable cash exits in what has become India's biggest acquisition of a new-age direct-to-consumer brand, people aware of the matter said.
L'Oréal announced on Thursday that it would acquire a majority stake in Innovist . While the companies did not disclose financial details, people familiar with the transaction told ET that the deal values the Gurugram-based startup at around Rs 4,100 crore.
The acquisition surpasses Hindustan Unilever's purchase of Peak XV Partners-backed skincare brand Minimalist at a Rs 2,955 crore valuation in January last year , making it the largest D2C acquisition in India.
