New Delhi, Jul 13, 2020: Media and eCommerce startup Incnut Digital raises around USD 4 million (approx Rs 30 crore) in a Series A funding round led by RPSG Ventures, a fund backed by RP-Sanjiv Goenka Group.
Series A funding is typically the first round of institutional funding that could be led by one or more investors.
Incnut Digital, in a statement said it has raised around USD 4 million funding in Series A from RPSG Ventures, an early stage consumer-centric venture capital fund backed by RP-Sanjiv Goenka Group as its sponsor investor.
Incnut Digital, which owns and operates online beauty and wellness community StyleCraze and parenting network MomJunction and personalised beauty care brands – SkinKraft and Vedix, said the funds will be utilised for strengthening and expanding its research and development (R&D) labs, overall infrastructure and artificial intelligence (AI) driven data technology.
“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,” 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.
Chaitanya Nallan, Sangram Simha, and Veerendra Shivhare built Incnut together in 2011. IncNut secured a seed round of Rs 50 lakh from Venture East in 2013, which was later purchased by Japanese conglomerate Istyle in 2018.