Chennai-based Syona Cosmetics Pvt Ltd. that offers beauty products and training services to salons and spas, has raised Rs 1 crore from The Chennai Angels, an existing investor in the company. This is company’s second angel round in which The Chennai Angels has bought 17.97 per cent stake, taking its holding to 35.95 per cent, as per VCCircle report.
Started in 2012, Syona Cosmetics provides professional beauty products and training to salons and spas. It offers services under the brand names X-proC, Intenso, Lumiance and Klarissa. The firm was founded by Raja Varatharaju and Anuradha Balasubramanian. Prior to founding Syona, Varatharaju worked with companies such as Henkel, Ford and CavinKare while Anuradha worked with HeyMath, Vodafone and CavinKare.
The company is also looking at overseas expansion. Othe players operating in the same space include Vini Cosmetics Pvt Ltd. raised funding from Sequoia Capital while Mountain Valley Springs India Pvt Ltd, which sells products under the Forest Essentials brand, is backed by Estee Lauder Companies Inc.
The Chennai Angels was founded in November 2007 and provides finance to early-stage technology-based companies in India. It has invested in nearly 40 startups since inception. Its portfolio includes companies such as Silvan Innovation, Finance Buddha, Cloudcherry, Brigge and ProKlean.
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