Mumbai, May 17 (PTI) : Digital media firm IncNut Digital, which operates online beauty and wellness community StyleCraze and parenting network MomJunction, is enroute to raising USD 4 million in a the first round of venture funding.
The Hyderabad-based company will use the funds to “build the widest online destination for women”, IncNut Digital Chief Executive Sangram Simha told PTI.
“We would close the funding round in June,” Simha added.
The company will launch three more networks this year. One for weddings next month, followed by interior decor in July, and food in October, he said.
IncNut got initial funding from Ventureast. Its current business model focusses on content, communities and commerce.
He claimed that StyleCraze gets 14 million unique visits a month, and MomJunction, launched 10 months ago, gets over two million unique visits a month.
“We are building more women-related online communities, which would give us a strong base,” he said.
Over 60 per cent of the traffic on its two sites is from the US, the UK, Canada and Singapore. Presently, the company has 75 employees and will double this number by year-end.