IncNut Digital raises $4 million in Series-A round

Hyderabad | Updated on July 13, 2020

IncNut, a data-driven media and e-commerce start-up, has raised about $4 million funding in Series A round from RPSG Ventures.

IncNut, which promotes SkinKraft and Vedix , an ayurvedic beauty care brand, will use the proceeds to strengthen its research and development laboratories. A part of the proceeds will also go to develop infrastructure and Artificial Intelligence-driven data technology.

“Our aim is to revolutionise beauty with customised e-commerce offering. Since the last few years, we have seen an increased interest in customised skincare solutions, backed by artificial intelligence and machine learning technologies,” said Chaitanya Nallan, Chief Executive Officer of IncNut.

“The fund infusion from RP-Sanjiv Goenka Group will help us strengthen our positioning and expand more rapidly across India,” he said.

RPSG Ventures is an early stage consumer-centric venture capital fund backed by RP-Sanjiv Goenka Group.

“Personalised beauty care provides a unique way of engaging with customers. SkinKraft and Vedix have been successful in building, scaling and sustaining a content to commerce community,” said Abhishek Goenka, Head of RPSG Ventures.

“We at RPSG Ventures see an incredible potential in the data driven skincare industry,” he said.

IncNut, founded by Chaitanya Nallan, Sangram Simha and Veerendra Shivhare, raised a seed round of ₹50 lakh from Venture East in 2013, which was later purchased by Japanese conglomerate Istyle two years ago.

Published on July 13, 2020

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