Happily Unmarried, an online portal which sells a range of products related to men’s grooming (thank you go!, like really !), has received additional funding of $740,000 from Info Edge.
This new investment from Info Edge in Happy Unmarried has surged the company’s valuation to Rs. 125 crore. With this round, Info Edge’s total investment in the company now stands at Rs. 21.3 crore. Info Edge, which owns several online properties such as Naukri, Jeevansathi, 99acres, etc., now owns around 48 percent stake in Happily Unmarried on a fully converted and diluted basis.
In its filing to BSE, the company stated,
Accordingly, the aggregate investment, including the above, is now Rs 21.3 crore in Happily Unmarried Private Limited which translates to about 48 per cent stake as on date in the company on a fully converted and diluted basis.
The company was founded in 2003 by Rahul Anand and Rajat Tuli. Both co-founders are alumni of Mudra Institute of Communications (MICA), Ahmedabad.
It sells fun and quirky creative products in categories such as apparels, home accessories and bags among others. It also offers a range of grooming products for men called Ustraa.
Commenting about the formation of the company, Rajat Tuli said,
We started in 2003, with an aim to provide everything to the youth, from accommodation to furniture. And we wanted the whole business to be fun. However, the only thing that took off was the products.
Besides online platform, it also operates a chain of 11 offline brand stores. Its stores are present across seven cities – New Delhi, Gurgaon, Mumbai, Chandigarh, Bengaluru, Kolkata and Raipur. It has also tied-up with multi branded outlets in several Indian cities.
Prior to this funding round, Info Edge had invested close to Rs. 5 crore in the company in January this year. It initially invested Rs. 5 crore in 2012. Later, it invested more money for online-offline hybrid model.
Info Edge also owns majority stake in restaurant listings platform Zomato. It has also invested in startup such as Canvera, MyDala, BigStylist and PolicyBazaar, among others.