This Hyderabad-based startup plans to raise fresh funds to expand its customised skincare range.
Cosmetology is not all about a bunch of chemicals applied on your skin. Current cosmetology trends point towards analytics for product precision and customisation of products. Hyderabad-based SkinKraft is spearheading this approach in India, promising a customised skincare regime for Indian women.
“We provide insights to companies to launch their cosmetology products as we know the user requirements,” says Chaitanya Nallan, co-founder and CEO, Skin Kraft. “At SkinKraft, we get around 30 pieces of information about an individual’s skin and hair characteristics along with their lifestyle, environment, and geographic location, that gives us an accurate picture of the individual as the basis for their customised solutions. We use machine learning algorithms on these 30 data points to build a model predicting their cleanser, moisturiser, etc. This model’s accuracy is 75-95% for various categories of products and improving with time and constant data feedback,” he explains.
Conceptualised in 2017, SkinKraft started with customised skincare regimens and has now expanded the lineup to include customised haircare ranges based on these customer insights. The startup, which is planning to raise `25 crore in funding for product branding, is looking at expanding the SkinKraft range. With an annualised revenue of Rs 100 crore, it will be expanding its skincare range with a lineup of anti-aging products. “We recently also launched our customised haircare range and are looking at launching a dedicated range of products for men this year,” he adds.
As per reports, India will constitute 5% of the total global cosmetics market and become one of the top five global markets by revenue by 2025.
At SkinKraft, customers are taken through SkinID, a dermatologist approved questionnaire pertaining to their skin type, skin concern and lifestyle choices which has a direct and indirect implication on their skin health. Once the responses are recorded, the algorithm evaluates all the parameters and the customer is classified into one of 72 broad profiles each of which is broken down into thousands of combinations. Depending on the individual’s current skin health and needs, a customised kit is then created to include a customised cleanser, moisturiser and an active.
“A generic product, mass produced by a FMCG company cannot be the most effective way to care for your skin. In fact, these products encourage trial and error which in the long term leads to premature aging of the skin,” says Nallan. “Currently we are catering to skin issues such as dark spots, dark patches, skin lightening/tanning and acne.”