IncNut Digital Acquired by Emami | Consumer M&A Deal

Emami has acquired IncNut Digital, a fitness wellness business in India, for $321 million. Emami acquisitions add personalised beauty and personal care brands Vedix and SkinKraft, which run direct-to-consumer platforms for customised haircare and skincare using data-driven personalisation and scientific formulations. Vedix blends Ayurveda principles with analytics to tailor products to individual prakriti and lifestyle, while SkinKraft applies dermatology-led, clinically validated ingredients for skin and hair concerns. The strategic acquisition is structured as a platform acquisition, with Emami taking a 60% stake on a fully diluted basis and buying the remaining shares in two tranches over about four-and-a-half years under performance-linked valuation adjustments.