By Simone Chhabda
With this funding, the personalized beauty care startup will augment its R & D infrastructure, AI-driven technology, to further cater to millennial consumers’ evolving needs of millennial consumers.
Hyderabad: Incnut Digital, a data-driven media and e-commerce startup, has raised around $4M funding in Series A from RPSG Ventures, an early stage consumer-centric venture a capital fund backed by RP-Sanjiv Goenka Groupas its sponsor investor. With the the inflow of financing personalized beauty care startup, Incnut, which houses – SkinKraft (India’s first customized Dermatologically-approved beauty care regimen) & Vedix (India’s first customized Ayurvedic beauty care regimen) its R&D labs, infrastructure, and AI-driven data technology. As per reports, India will constitute 5% of the total global cosmetics market and become one of the top five global markets in revenue terms by 2025, backed by the growing aspiration and awareness towards “personalized” products.
Mr. Chaitanya Nallan, a CEO, IncNut, conveyed to Prittle Prattle News through a press release., “Our vision at SkinKraft & Vedix is to revolutionize beauty with customized e-commerce. Since the last few years, we have seen an increased interest in customized skincare using AI and ML. With RPSG Venture’s operational experience and expertise in the consumer domain, we will strengthen our positioning and expand more rapidly across India.”
About IncNut Digital, the cut is a leading digital and e-commerce platform that addresses everyday issues of today’s new age women who are always on-the-go, using media, commerce, and technology. The company owns and operates two of the largest women-centric digital media platforms – Stylecraze.com (beauty, health & wellness) & Momjunction.com (parenting) and India’s leading Personalised beauty care brands – SkinKraft & Videx. RPSG Ventures is an early-stage consumer VC Fund focused on investing in the B2C ecosystem, including food & beverage, personal care, and lifestyle goods. Established in 2018, RPSG Ventures is a value-adding ally of exceptional entrepreneurs looking to transform the Indian consumer landscape. The fund invests in early-stage consumer businesses across their Seed A to Series B rounds. Their current portfolio includes caffeine, The Souled Store, and ShopG.
Mr. Abhishek Goenka, Head of RPSG Ventures, conveyed to Prittle Prattle News through a press release., “Personalized beauty care provides a unique way of engaging with customers. SkinKraft & Vedix have successfully built, scaled, and sustained a content to commerce community and have leveraged that in connecting the dots between brand building and performance. We, at RPSG Ventures, see an incredible potential in the data-driven skincare industry. We are delighted to support the company in developing the technology as they start to scale the business.”
Chaitanya Nallan, Sangram Simha, and Veerendra Shivhare built Incnut together in 2011. IncNut secured a seed round of Rs 50 lakh from Venture East in 2013, which was later purchased by Japanese conglomerate I styled in 2018.