Media and e-commerce startup Incut Digital has raised around $4 million as a part of its Series A funding from early stage consumer-centric venture capital fund, RPSG Ventures, backed by RP-Sanjiv Goenka Group.
With the inflow of funding, Incnut will look at strengthening and expanding its R&D labs, overall infrastructure as well as invest in AI-driven data technology.
Incnut houses personalised skincare brand SkinKraft and ayurvedic beauty brand, Vedix. In addition to these, the company also owns and operates women centric digital media platforms including beauty, health and wellness platform, Stylecraze.com as well as parenting platform, Momjunction.com.
“Our vision at SkinKraft & Vedix is to revolutionise 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,” said Chaitanya Nallan, CEO, IncNut.
“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,” said Abhishek Goenka, Head of RPSG Ventures.
In 2013, IncNut had secured a seed round of ₹50 lakh from Venture East, whose stake was later purchased by Japanese conglomerate Istyle in 2018.
Over the past few months, several beauty startups have raised venture capital. In December last year. In December, last year, American investment bank Goldman Sachs and Belgian private investment firm Verlinvest led a $40 million funding round in online makeup and beauty products retailer Purplle.
Online baby care brand Mamaearth also raised ₹130 crore (about $18.14 million) in a round led by Sequoia Capital India, earlier in January this year.
