Lifestyle Products Maker Incnut Raises $4 Mn in Series A Round From RPSG Ventures

Lifestyle Incnut Digital has raised $4 Mn in a pre-Series A funding round, from RP-Sanjiv Goenka Group-backed venture capital firm, RPSG Ventures. 

Personalised beauty care startup Incnut houses SkinKraft (India’s first customised dermatologically-approved beauty care regimen) and Vedix (India’s first customised ayurvedic beauty care regimen). 

The company’s website also mentions StyleCraze, which is its beauty and wellness platform with an audience footprint of 25 Mn worldwide with “expert-curated content addressing the daily dynamics of beauty and wellness,” and MomJunction, a parenting website which “empowers 21st-century moms with a multi-dimensional narrative on pregnancy and parenting.”

With the latest inflow of funding, Incnut is planning to invest in its research and development (R&D) labs and overall infrastructure and AI-driven data technology. Founded by Chaitanya Nallan, Sangram Simha and Veerendra Shivhare in 2011, Incnut’s last funding round happened back in 2013 when the company had raised INR 50 lakhs in a pre-Seed round from venture capital firm VenturEast. 

Speaking on the deal, Incnut CEO Chaitanya Nallan, said, “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.”

RPSG Ventures is an early-stage consumer VC fund, with investments across segments in the B2C ecosystem such as food & beverage, personal care and lifestyle goods. The fund invests in early-stage consumer businesses across their Seed A to Series B rounds. Their current portfolio includes caffeinated personal care brand mCaffeine and online retailers ‘The Souled Store’ and ‘ShopG’.

Head of RPSG Ventures Abhishek Goenka also spoke on the investment, “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.”

It is expected that 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 “personalised” products.