Emami Limited has announced the acquisition of a 60% stake in Hyderabad-based IncNut Digital Private Limited, the parent company of personalised beauty brands Vedix and SkinKraft, for ₹321 crore. According to the company's exchange filing, the Board of Directors approved the execution of a Share Subscription and Purchase Agreement (SSPA) on May 7, 2026, with Emami committing to invest up to ₹321 crore in cash for the transaction. The deal includes performance-linked adjustments over 24 months, with Emami planning to acquire the remaining stake in two further tranches over the next four and a half years at valuations tied to future performance. Following the acquisition, IncNut Digital and its wholly owned subsidiary, IncNut Lifestyle Retail Private Limited, will become subsidiaries of Emami. The transaction is expected to be completed within 30 days subject to customary closing conditions.
IncNut, founded in 2011, has built its business on data-driven diagnostics and customised formulations. As reported by The Hindu BusinessLine, Vedix applies Ayurvedic principles alongside data analytics to deliver personalised haircare, while SkinKraft takes a dermatology-led approach to skincare and haircare. Both brands operate direct-to-consumer platforms and have built subscription-based customer bases with high repeat purchase rates. The acquisition brings established revenue generation capabilities, with IncNut's consolidated turnover showing ₹231.9 crore in FY 2022-23, ₹196.5 crore in FY 2023-24, and ₹175.1 crore in FY 2024-25. This acquisition is expected to create significant synergy, allowing Emami to integrate digital-native beauty brands into its wider portfolio and reinforce its competitive edge in the personal care space.
For Emami, the acquisition adds science-led, personalised offerings to a BPC portfolio that already includes The Man Company and Brillare, alongside its legacy brands such as Navratna, BoroPlus, and Kesh King. According to The Hindu BusinessLine, Vice Chairman and MD Harsha Vardhan Agarwal stated that the deal addresses a gap in the market where few players offer genuinely personalised, outcome-driven solutions, with consumer demand increasingly moving in that direction both in India and internationally. By integrating IncNut's flagship brands, Emami is positioning itself to capture the next phase of evolving consumer demand through a digital-first approach, bolstering its footprint in the high-growth beauty and personal care sector. The company clarified that the proposed acquisition does not qualify as a related party transaction and that none of its promoters, promoter group entities, or group companies have any interest in the target company.
Emami's stock was trading at ₹456.35 on the NSE on Thursday, up 0.92% on the day, though the scrip remains down roughly 28% over the past year and has underperformed the Nifty FMCG index across most timeframes. As reported by The Hindu BusinessLine, the company carries a total market capitalisation of approximately ₹19,920 crore. The acquisition marks a significant step for Emami as it looks to expand its reach into the fast-growing personalized beauty and personal care market segment, with the transaction reinforcing its presence across high-growth beauty and personal care segments and positioning the company for the next phase of consumer demand.
