Chennai, NFAPost: IncNut Digital, a data-driven media and ecommerce startup, has raised around $4 million funding in Series A from RPSG Ventures, an early stage consumer-centric venture capital fund backed by RP-Sanjiv Goenka Group as its sponsor investor.
With the inflow of funding, the personalised beauty care startup, IncNut, which houses – SkinKraft, the country’s first customised Dermatologically-approved beauty care regimen, and Vedix, the customised Ayurvedic beauty care regimen, is looking at strengthening and expanding its R&D labs, overall 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.
“Our vision at SkinKraft & Vedix is to revolutionise beauty with customised ecommerce. Since the last few years we have seen an increased interest in customised skincare using AI and ML. With RPSG Venture’s operational experience and expertise in the consumer domain, we will be able to strengthen our positioning and expand more rapidly across India,” Incnut CEO Chaitanya Nallan.
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 mCaffeine, The Souled Store and ShopG.
RPSG Ventures Head Abhishek Goenka said, “Personalised beauty care provides a unique way of engaging with customers. SkinKraft & Vedix have been successful in building, scaling and sustaining 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 Istyle in 2018.
IncNut is a leading digital and ecommerce 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 the two of the largest women-centric digital media platforms – Stylecraze.com (beauty, health & wellness) & Momjunction.com (parenting) along with the country’s leading personalised beauty care brands – SkinKraft & Vedix.