Hyderbad-based ecommerce startup IncNut Digital announced on Monday that it has raised $4 million in its Series A round. The round was led by RP-Sanjiv Goenka Group backed early-stage consumer centric venture capital fund, RPSG Ventures.
Veerendra Shivhare, Sangram Simha, and Chaitanya Nallan (L-R)
The startup said the freshly raised funds will be used to strengthen and expand the Research and Developments labs. Additionally, the company would use the funds to improve the overall infrastructure and Artificial Intelligence-driven data technology of its personalised beauty care brands -- SkinKraft and Vedix.
Abhishek Goenka, Head of RPSG Ventures, said in a press release:
“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, 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.”
Founded in 2011 by Chaitanya Nallan, Sangram Simha and Veerendra Shivhare, IncNut owns and operates two women-centric digital media platforms -- Stylecraze.com and Momjunction.com, as well.
CEO and Co-founder Chaitanya said, “Our vision at SkinKraft and Vedix is to revolutionise beauty with customised ecommerce. In 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.”
Earlier, in 2013, IncNut raised Rs 50 lakh in seed round from Venture East. IncNut's home-brand, SkinKraft, started online retailing in mid-2018, providing customised skin-care regime for Indian women.
RPSG Ventures, focused on investing in B2C companies in the F&B, personal care and lifestyle brands, was established in 2018. The fund usually invests across seed rounds to Series B rounds. Some of its portfolio companies include mCaffeine, The Souled Store and ShopG.
(Edited by Megha Reddy)
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Link : https://yourstory.com/2020/07/ecommerce-startup-incnut-funding-skinkraft
Author :- Debolina Biswas ( )
July 13, 2020 at 01:13PM
YourStory