IncNut Digital, a Hyderabad-based media and e-commerce startup focused on Beauty & Wellness, Parenting, Food, Weddings and Interior Décor, announced that it has raised around $4 million Series A funding led by RPSG Ventures, an early stage consumer-centric venture capital fund backed by RP-Sanjiv Goenka Group.
The Company will utilise the current financing for strengthening and expanding its research and development (R&D) labs, overall infrastructure and artificial intelligence (AI) driven data technology.
IncNut Digital owns and operates online beauty and wellness community StyleCraze, parenting network MomJunction and personalised beauty care brands like SkinKraft and Vedix.
Founded in 2011 by Chaitanya Nallan, Sangram Simha, and Veerendra Shivhare, IncNut Digital addresses everyday issues of today’s new age women who are always on-the-go using media, commerce and technology. The Company provides original and useful content specifically designed by experienced bloggers and industry experts.
“Our vision at SkinKraft and Vedix is to revolutionise beauty with customised e-commerce. Since the last few years, we have seen an increased interest in customised 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,” IncNut CEO Chaitanya Nallan said.
RPSG Ventures head Abhishek Goenka said the company sees an incredible potential in the data-driven skincare industry.
“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,” Goenka said.
Earlier in 2013, IncNut had raised Rs 50 lakh in seed funding round from Venture East, which was later purchased by Japanese conglomerate Istyle in 2018.
RPSG Ventures works to be the value-adding ally of exceptional entrepreneurs who are looking to transform the Indian consumer landscape. The fund is backed by the RP-Sanjiv Goenka Group as its sponsor investors, a leading conglomerate with multi-vertical interests across consumer, energy, chemicals, entertainment, and technology.
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