How Skinkraft Is Leading Customized Skincare Products Using AI Chaitanya Nallan of SkinKraft believes everyone is unique in terms of their skin and hair and he wants to solve their concerns with customized products
By Entrepreneur Staff •
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Humans love their skin and love to experiment with it. From the stone-age period of blackening your face to using chalk to paint faces in the Renaissance period and now leveraging technology to get the best results, we have come a long way. The market is booming as well, with every other day, new companies emerging and claiming to provide the best solutions. According to Assocham, India's grooming and cosmetic market is expected to touch $35 million by 2035.
While there are lakhs of products at one's disposal, people continue to complain about their rough skin, color tone, dullness and the list goes on.
Trying to address this problem, three entrepreneurs Chaitanya Nallan, Veerendra Shivhare and Sangram Simha launched SkinKraft and Vedix in 2018.
What's more than a USP and act as a differentiating factor about the startup is that it provides customized skin care products for its customers.
Customers' Feedback Laid Stepping Stone
When asked about the reason behind launching both the brands, Nallan, who is the chief executive officer of SkinKraft, said he and his team received negative feedback on their in-house media platforms—Stylecraze and MomJunction—where they promoted multiple personal care brands. Unaware of the reason behind such feedback, Nallan through IncNut's platform conducted large in-depth surveys to understand women's issues with skincare products.
"Once we had the results, we decided to talk to dermatologists to understand why most products did not work on customers," Nallan said.
After visiting various dermatologists, Nallan and his team got to understand that a skincare product has to be customized based on Individual's skin type.
Talking about his own experience, Nallan said, "I noticed how my wife's skin changed and became ultra-sensitive during her pregnancy and she would buy a bunch of new stuff, and then throw a lot away."
Customized Skincare Products
Indians have always been obsessed with international brands and bought what they were shown on the televisions screens. Over the years, companies have sold skin care products relying on just two categories—dry and oily. However, times have changed, and customized skincare products have started making their presence felt in the Western countries. Deep penetration of the Internet along with the rising demand for better skin results have helped Indians to be aware of customized skincare products.
"The concept of customization is very new to the Indian landscape specifically to consumers who have been bombarded for decades with the notion of one size fits all," he added.
"Our endeavor with Vedix and SkinKraft is to break this notion as well as the vicious cycle of trial and error which leads to unsatisfactory results and hence frustration," he continued.
The startup leverages machine learning and artificial intelligence-driven technology to understand the current skin/hair concerns and then customizes products based on individual requirements.
Nallan believes everyone is unique in terms of their skin and hair and wants to solve their concerns with customized products.
Future Plans and COVID-19 Impact
According to Nallan, the ongoing pandemic has made people realize the importance of online shopping and customized skincare products. He said these factors have given an extra edge to his startup in comparison to other traditional players.
When asked about the future plans, Nallan said he wishes the brands to be the de-facto destination for customized products in haircare, skincare, and wellness for men and women. He claims that every one in three women will opt for customized products by 2025 due to the confluence of three significant trends—mass Internet adoption enabling feedback loops and user input, AI-enabled understanding of ingredient effectiveness, and modern manufacturing technologies. He said the next five to ten years will be phenomenal for beauty care companies.
Both the brands each have INR 100 crore of annual recurring revenue.
