styleglad funding

Bangalore-based on demand beauty services platform StayGlad has raised an undisclosed amount in Series A funding from Silicon Valley-based VC firm Bessemer Venture Partners and Anil Chopra, former CEO of Lakme Lever, according to a statement.

Glow Prime Technologies Pvt Ltd, which owns and operates StayGlad will use the freshly raised funds to expand operations and strengthen its technology backend.

With this investment, Anil Chopra also joins the board of StayGlad.

StayGlad brings standardised beauty services by vetted professionals on demand. The startup also have an app to connect beauty, make up service professionals with customers instantly at anytime and anywhere. Till date, nearly 60 beauty service providers have signed up with the startup.

Earlier in June this year, the startup had received an undisclosed amount of angel investment from Tracxn Labs, Delhivery co-founder Sahil Barua and other investors.

The startup was founded in 2015 by three IIT Kharagpur graduates, Kavish Desai, Shashank Gupta and Prateek Jain, who were working with Flipkart, Adobe and Amazon respectively, before starting StayGlad.

"Demand for beauty services is at an inflection point in India. Add to this the convenience of the service being delivered at home and it creates a large market opportunity. The category is synonymous with high order values, high gross margins and predictable customer repeat behavior," said Raghav Bahl, vice president of Bessemer.

StayGlad faces direct competition with the likes of GetLook, YLG Salon and Spa, Vyomo, Belita and VanityCube. Belita had raised $375,000 (Rs 2.5 crore) in angel funding through LetsVenture and Lead Angels in August.

The beauty and wellness space in India is growing at a rate of over 20% per annum, and thus its fast catching the fancy of investors. Recently, beauty and wellness startup Stylofie raised $250,000 in seed funding from Hong Kong-based Swastika Company Ltd. Earlier this month, Info Edge Ltd, the owner of recruitment portal Naukri, acquired 25% stake in on-demand beauty services marketplace BigStylist for about $1 million.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.