Emami, the Indian consumer goods group, disclosed in a regulatory filing on May 7, 2026 that its board had approved a deal to buy a 60% stake in IncNut Digital, the Hyderabad company behind the personalised beauty brands Vedix and SkinKraft. The price is up to Rs 321 crore (about $34 million), paid in cash and subject to performance-linked adjustments over 24 months.
Emami signed a share subscription and purchase agreement covering IncNut Digital and its subsidiary, IncNut Lifestyle Retail. Inc42 reported that the transaction was expected to close within 30 days, after which both companies would become Emami subsidiaries.
Emami also agreed to buy the remaining 40% over the next four and a half years in two tranches. The price of those tranches will depend on how the business performs against agreed targets, and the filing did not put a figure on them.
What IncNut built
IncNut Digital was founded in 2011 by Chaitanya Nallan, Sangram Simha and Veerendra Shivhare. It began as a content business: it runs StyleCraze, a beauty and wellness site, and MomJunction, a pregnancy and parenting site. In 2020 Inc42 reported that StyleCraze had an audience of 25 million people worldwide.
The company later used that audience to launch its own products. SkinKraft sells skincare and haircare built around a dermatology-led approach, while Vedix sells customised Ayurvedic haircare and wellness products. Both brands ask buyers to complete online questionnaires and diagnostic assessments, then make a formulation for each customer. D2C Insider described the model as subscription-led, with repeat orders driving engagement.
IncNut calls itself one of India's early players in personalised beauty and personal care.
“meaningful differentiation remains limited, with only a few players offering deeply personalised, outcome-driven solutions”
Shrinking sales
Emami's filing showed IncNut's consolidated turnover falling for two years in a row. It was Rs 231.9 crore (about $24.6 million) in the 2022-23 financial year, Rs 196.5 crore (about $20.8 million) in 2023-24 and Rs 175.1 crore (about $18.6 million) in 2024-25. The filing did not give profit figures.
At up to Rs 321 crore for 60%, Emami is paying roughly 1.8 times IncNut's latest annual turnover for its majority stake, before any adjustments. The performance-linked structure of both the first payment and the later tranches means the final cost will depend on whether the brands return to growth.
Why Emami is buying
Emami already owns beauty and personal care brands including The Man Company and Brillare. The company said Vedix and SkinKraft had strong consumer affinity, high repeat engagement and differentiated positioning, and that it wanted to use them to build a niche in personalised beauty.
Harsha Vardhan Agarwal, Emami's vice chairman and managing director, said meaningful differentiation in the category remained limited, with few companies offering deeply personalised products tied to results. In return, Emami said the two online brands would gain access to its offline distribution and operational strength to grow revenue.
Emami is a much larger business. In the October to December 2025 quarter its consolidated revenue from operations rose 10% to Rs 1,152 crore (about $122 million), and net profit rose 14.5% to Rs 319.48 crore (about $34 million).
The founders and the funding
IncNut raised modest outside capital for a company of its age. Inc42 reported a pre-seed round from VenturEast in 2013 and a $4 million round from RPSG Ventures, the venture arm of the RP-Sanjiv Goenka Group, in July 2020. Inc42 called the 2020 round a pre-Series A, while its headline described it as a Series A. That money was set aside for research labs and the AI-driven data systems behind SkinKraft and Vedix.
The filing did not say which shareholders are selling, how much of the payment goes to new shares versus existing holders, or what role the founders will play after the deal. Emami did not report a headcount for IncNut.
