- Glamplus will use the raised funding for enhancing product and tech capabilities and business expansion.
- This is IPV's 16th deal in 2021, previously it had invested in carbon fiber startup Fabheads Automation.
- The startup also plans to use the funding to scale to 3000 partners in the next sixth months.
Bengaluru-based Salon-focused software-as-a-service (SaaS) platform Glamplus has raised Rs 2 crore (about $274K) in a pre-Series A funding round led by angel investment firm Inflection Point Ventures. Previously, the firm had invested Rs 8 crore in a carbon fiber startup Fabheads Automation.
Other investors, including Anil G (Co-Founder & COO at Bounce) Sachin Khandelwal (MD & CEO at Sadhan Enterprise), Sravan Kumar (CEO at Transin), Abhishek Daiya (AVP at Byju's), and Anudeep Nagalia (VP at Shadowfax), also invested in the round, the statement said.
Glamplus plans to infuse the raised funding in business expansion plans, enhancing product and technology capabilities, it said. The startup also plans to use the funding in scaling to 3000 partners in the next 6 months along with vertical expansion of the business line.
Founded in July 2020 by Divyanshu Singh, Rohan Singh, Vatsalya Agarwal, Glamplus offers an experience-based CRM solution for repeat engagement. The platform helps salons (and other partners like Gyms and Spas) manage their customers’ appointment, staff management, and their suppliers through a simple dashboard.
The platform also helps with analytical reports to understand the needs of the customers, their visits patterns and other insights which can help businesses to elevate the customer experience.
Commenting on the development, Divyanshu Singh, said, " “When we reached out to IPV, with such rich experience in beauty and wellness segment, they were convinced on the market upside potential and how this segment with evolve further with deep tech SaaS."
"IPV not just identifies the market sizing with respect to the salon partner ecosystem but also sees an opportunity to uplift the skill sets of the semi-skilled economy. In the last 3 months, we have seen traction of more than 500 partners joining Glamplus platform and higher platform adoption gives a belief to go deeper in tier 1 and tier2 cities also," he added.
The startup claims, it has scaled to 500 paying partners in less than three months across three cities - Bengaluru, Delhi, and Pune. It aims to scale its partners to 3000 in the next six months.
Mitesh Shah, Co-Founder, Inflection Point Venture, said, “Salons, spa and gyms form one of the largest portion of our discretionary spends. However, on the other side, salons run in a highly informal manner which gives them little insights about their customers, their spending patterns and visits frequency. Glamplus has identified this opportunity and it has the potential to help salons and gyms to move from informal to a formal economy and grow their business in the process.”
According to the press statement, Salon Industry is comprised of $200 billion market with 15% year-on-year growth and has the huge potential to completely digitize the offline SMB economy.
Currently, India has more than 5.5 million salons and over 10 million Salons in Southeast Asia, the market size is only growing. Penetration of smartphones, post Jio launch in tier 1 and tier 2 cities is resulting in SMBs quick technology adoption in the country. Looking at the market growth, Glamplus is aiming to tap 30% of this market potential in the next 2-3 years with higher engagement offerings and enhanced tech product capabilities, the statement added.
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