Hyderabad-based media and e-commerce Incut Digital has raised funding worth around $4 million in a Series A investment round led by an early-stage consumer-centric venture capital fund backed by RP Sanjiv Goenka Group, RPSG Ventures.
Incut Digital (1) is a globally renowned company that owns and operates an online beauty and wellness community called StyleCraze along with other platforms like parenting network MomJunction and brands like SkinKraft and Vedix.
Incnut plans to use the freshly raised capital to strengthen and expand its research and development (R & D) labs, overall infrastructure, and artificial intelligence (AI) driven data technology.
Incnut Digital CEO Chaitanya Nallan said, “Our vision at SkinKraft and Vedix is to revolutionize beauty with customized e-commerce. Since the last few years, we have seen an increased interest in customized skincare… 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.”
A long way for data-driven skincare
Founded in 2011 by Chaitanya Nallan, Sangram Simha, and Veerendra Shivhare, Incnut, previously secured a seed round of Rs 50 lakh from Venture East in 2013, which was purchased in 2018 by Japanese conglomerate Istyle.
Abhishek Goenka, Head at RPSG Ventures commented on the deal and said that personalized beauty care provides a unique way of engaging with customers. Incnut’s ventures SkinKraft and Vedix have successfully built and scaled a content-to-commerce community while leveraging the chance of connecting the dots between brand building & performance. RPSG Ventures holds strong faith in the data-driven skincare industry.
RPSG Ventures has previously invested in portfolio companies like mCaffeine, The Souled Store, and ShopG and focuses on investing in B2C companies in the F&B, personal care & lifestyle brands.