Emami to acquire 60% stake in IncNut Digital for USD 34M
This is part of Emami´s broader push into India’s fast‑growing beauty and personal‑care (BPC) segment.
INDIA – Emami Ltd, an Indian FMCG company, has entered into a definitive agreement to acquire a 60% stake in IncNut Digital Pvt. Ltd., the parent company of personalised hair‑care brand Vedix and AI‑driven skincare brand SkinKraft, for a cash consideration of ₹321 crore (USD 34 million).
The Kolkata‑based FMCG major said the deal includes performance‑linked adjustments over a 24‑month period, with the final payouts pegged to agreed‑upon revenue, EBITDA, and other financial metrics.
Emami also disclosed in its exchange filing that it plans to acquire the remaining 40% stake in the Hyderabad‑based IncNut in two tranches over the next four and a half years, with the valuation of each tranche determined by a pre‑agreed matrix linked to future performance parameters.
Under the agreement, IncNut Digital and its wholly‑owned subsidiary IncNut Lifestyle Retail will operate as subsidiaries of Emami, bringing Vedix’s custom hair‑care propositions and SkinKraft’s data‑driven skincare solutions firmly into Emami’s portfolio.
IncNut’s business model revolves around AI‑enabled diagnostics, detailed consumer questionnaires, and algorithm‑based product formulations that generate personalised hair and skincare regimens, a strategy that aligns with rising consumer demand for customised, science‑backed beauty and wellness offerings.
Emami’s Vice Chairman & MD, Harsha Vardhan Agarwal, said, “This investment represents a strategic step in strengthening our presence in the high-growth beauty and personal care segment.¨
¨While the broader BPC market continues to expand, meaningful differentiation remains limited, with only a few players offering deeply personalised, outcome-driven solutions.”
According to the company, the board of directors approved the execution of a share subscription and purchase agreement (SSPA) for the acquisition as part of its broader roadmap to consolidate both traditional and digitally native brands under one roof.
Emami’s leadership has indicated that the deal will help it leverage IncNut’s technology stack—including customer‑data analytics, recommendation engines, and subscription‑style service models—to deepen engagement with younger, digitally savvy consumers and accelerate product innovation.
For IncNut and its founders, the partnership is expected to provide access to Emami’s scale in manufacturing, distribution, and brand building, enabling faster expansion into tier‑2 and tier‑3 markets as well as potential new categories such as dermatology‑led or Ayurveda‑infused personal‑care offerings.
The transaction signals Emami’s intent to bridge its traditional FMCG playbook with D2C, AI‑driven, and data‑led personalised beauty, at a time when Indian beauty and personal‑care companies are increasingly investing in digital‑first, subscription‑leaning propositions.
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