Stayglad, an on-demand beauty services platform, has today announced raising of an undisclosed amount of funding in a Series A round from Bessemer Venture Partners along with the participation of Anil Chopra, former CEO of Lakme Lever.
This newly infused capital will help the company in enhancing its technology at the back-end and scale up its operation in order to expand its business.
The company was founded by Kavish Desai, Shashank Gupta and Prateek Jain. Earlier, it had raised seed round of funding from Tracxn Labs and Sahil Barua in June of this year.
The Bangalore-based startup gets you a professional beautician at your doorstep and eliminates the stress of trying to get an appointment, fighting traffic, pollution, heat and rain to get to a parlour.
StayGlad’s beauty professionals provide a premium salon experience for the customer at the convenience of their home and at a great price point. Every StayGlad beautician has 5-8 years of experience and undergoes rigorous process and skill training.
Commenting on the funding, Anil Chopra, Former CEO Lakme Lever, said,
I am excited about StayGlad. Scaling a home salon service requires a completely different DNA and the team led by Prateek has shown a lot of promise. The beauty services industry is huge and growing at a rate of 20% + per annum. Most women, across age groups in SEC A & B, avail of beauty services at least once in 3 months, across big cities and smaller towns. The online and convenience of having these services at home will be a big game changer for the industry and customers.
StayGlad’s mobile app for professionals act as one point solution for all their needs from logistics, routing, orders, cash and inventory management. The service professionals are already witnessing a jump of 50% and above from the salaries with their previous employers in salons, claims Kavish Desai, who heads the operations at the company.
As per the company’s CEO Prateek Jain, Stayglad is witnessing around 70 percent of repeat orders every month, reflecting the strong local customer base that the company has managed to build. He claims that the company is growing 20% week-on-week.
Commenting about the investment in Stayglad, Raghav Bahl from Bessemer Venture Partner, says
The category is synonymous with high order values, high gross margins and predictable customer repeat behavior. StayGlad, over a short of period of time, has executed really well to tap into this opportunity. We believe this financing will enable StayGlad to cement their leadership position in the market.
Other startups which are operating in this space includes Vyomo and Big Stylist. Vyomo raised seed funding from YouWeCan Ventures and recently raised $2 million from Rocket Internet.