India, March 19 -- Beauty and personal care (BPC) startup Innovist is reportedly in talks to sell a majority of its stake to global cosmetics giant L'Oreal at a valuation of $350 Mn to $450 Mn (Rs.3,264 Cr to Rs.4,196 Cr).

As per a report by Moneycontrol, L'Oreal would look to pick up controlling stake in Innovist initially and is likely to completely acquire the Accel-backed startup in the subsequent years. The financial details of the transaction are yet to be discerned.

"The deal is expected to be sealed by April-end if these bilateral talks progress at the current pace," a source told the publication. 

Inc42 has reached out to Innovist cofounder Rohit Chawla and L'Oreal for comments on the development. The story will be update...