FMCG major Emami is acquiring a 60% stake in IncNut Digital, the parent entity of D2C beauty and personal care brands Vedix and SkinKraft, for up to ₹321 Cr in an all-cash transaction.

In a regulatory filing, Emami said that its board approved the execution of a share subscription and purchase agreement (SSPA) to acquire a 60% stake in IncNut Digital and its subsidiary. The transaction, which also includes “performance-linked adjustments over a 24-month period”, is expected to close within 30 days. 

The FMCG major also plans to buy the remaining 40% stake in the startup over the next four-and-a-half years in two phases, with the final consideration linked to the startup’s future performance. Post the deal, IncNut Digital and its subsidiary IncNut Lifestyle Retail Pvt. Ltd. will become subsidiaries of Emami.

In a statement, Emami said that the deal will enable the company to leverage the two D2C brands’ strong consumer affinity, high repeat engagement, and a differentiated positioning to carve a niche in the beauty and personal care (BPC) space. On the other hand, the two brands will utilise the FMCG giant’s offline presence and operational muscle to grow its top line. 

The acquisition further expands Emami ’s presence in the beauty and personal care segment, where it already owns brands such as The Man Company and Brillare.

“While the broader BPC market continues to expand, meaningful differentiation remains limited, with only a few players offering deeply personalised, outcome-driven solutions. As consumer preferences increasingly shift towards efficacy and customisation, we see personalised beauty as a significant long-term growth opportunity in India and globally,” Emami vice chairman and managing director Harsha Vardhan Agarwal said.

Founded in 2011 by Chaitanya Nallan, Sangram Simha and Veerendra Shivhare, IncNut Digital claims to be one of India’s early players in the personalised BPC segment. While Vedix focuses on customised Ayurvedic products, SkinKraft uses a dermatology-led approach to sell skincare and haircare products. 

The Hyderabad-based startup also runs content platforms such as StyleCraze and MomJunction. The startup operates on a content-to-commerce model and uses AI-powered diagnostics along with digital surveys to analyse users’ skin and hair profiles and recommend personalised beauty and wellness products.

In a filing with the exchanges, Emami said that IncNut Digital’s consolidated turnover stood at ₹175.1 Cr in FY25, down from ₹196.5 Cr in FY24 and ₹231.9 Cr in FY23.

On the financial front, Emami’s net profit rose 14.5% to ₹319.48 Cr in Q3 FY26 compared to ₹279 Cr in the year-ago period. Its consolidated revenue from operations stood at ₹1,152 Cr in the quarter under review, up 10% from ₹1,049 Cr posted in Q3 FY25.

The company is yet to publish its Q4 FY26 financial results, which are expected later this month.

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