New Delhi: Gurgaon-based beauty and wellness start-up Stylofie on Tuesday said it has raised funds from International Data Corp.’s (IDC) managing director for South Asia Jaideep Mehta.
The company did not disclose the amount raised.
With this, Mehta joined Stylofie’s board of directors and will mentor the company’s management team.
Stylofie was launched in September 2015 as an online marketplace for beauty and wellness centres. Stylofie partners with salons and spas and provide them with bookings and insights into their daily operations.
It recently acquired rival Hyve in Bengaluru, adding 250 salons and over 20,000 customers.
“While most startups in this space are promoting the “Salon at Home” concept, I can see that Stylofie is set to disrupt the way consumption of beauty and wellness happens in the current model, which is a significantly larger opportunity,” said Mehta. “Beauty and wellness is a $10.5b category, growing upwards of 20% y-on-y and with increasing affluence and beauty consciousness in India, this rate is unlikely to slacken.”
Stylofie plans to expand operations with the funds, while looking to raise the next round of funding.
“We are launching across Delhi NCR by end of this month and post-that, we will be raising our Series A funding,” said Prateek Agarwal, co-founder and CEO of Stylofie.
The company is also working on creating a platform, which will provide insights such as dynamic pricing for customers by leveraging real time analytics.