stylofie_acquires_hyve

In an interesting business move, Stylofie, a Gurgaon-based beauty and wellness startup today acquired, Hyve, a personal care app. The acquisition is a part-cash and part-equity deal wherein the business team of Hyve will be retained by Stylofie whereas the founding members of Hyve are looking to exit the business to pursue other interests.

Talking about the acquisition, Prateek Agarwal, co-founder & CEO, Stylofie said, "We needed a more scalable technology platform to cater to the ever growing needs of our tech-savvy customers. The business in Gurgaon has been growing rapidly too, almost 80-100% month-on-month, while launch in Delhi & Noida was around the corner, and thus there was no time to re-do the whole technology stack. Hyve on the other hand is a fundamentally strong application founded by a technology team that is very tech savvy."

Hyve, which is still operating under the original brand name in Bangalore will soon be renamed to "Hyve – by Stylofie" and will gradually be migrated to Stylofie. The existing customers of Stylofie stand to gain with new and better features in the app, while the Bangalore customers will benefit by being introduced to the customer friendly business model of Stylofie.

Prateek further added, "We evaluated a few more companies in the same space for acquisition but found Hyve to be closest to our current business model, in terms of how the flow of the App was designed and the kind of salons on-boarded. This acquisition will help Stylofie in revamping its technology stack and also provide us with a launch pad in Bangalore, with existing relations with premium salons and a significant amount of active customers. The business team of Hyve will help Stylofie expand more rapidly in the southern parts of the country."

Balaji, Co-founder & CTO added, "Tech is the backbone of our business and one of our core strengths. We are currently available to our customers on the Web as well as apps on IOS and Android and from the backend fulfilment perspective have management consoles to enable fantastic customer delight. We don’t believe that it’s yet the time to go “app only” in India. We also engage constantly with our customers to introduce new features in our platform. His acquisition will help us gradually migrate from from a cross platform code base to more scalable fully native platform, thus giving us more agility. Analytics through technology is a key area where we are focused on, giving the best suited offers to our customers and giving relevant insights to our salon partners."

According to Pratik Bhadkoliya, co-founder, Hyve, “It all started as casual discussion with Prateek Agarwal - a remarkable entrepreneur - couple of months ago, and immediately realised there was an opportunity for great synergy. We knew we are on a similar mission to help everyone look good and feel amazing! By joining hands with Stylofie, not only we get access to a larger user base, but it will help take the platform to the next level.

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