Incnut Digital, a data-driven media and e-commerce startup has raised around US$ 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 personalized beauty care startup, Incnut which houses – SkinKraft (India’s first customized Dermatologically-approved beauty care regimen) and Vedix (India’s first customized 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 percent 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.
Chaitanya Nallan, CEO, IncNut, said, “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 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.”
Abhishek Goenka, Head of RPSG Ventures, said, “Personalized 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.