Bengaluru-based software-as-a-service (SaaS) enabled marketplace Glamplus has raised $700,000 or Rs 5.17 crore in a new financing round to scale its B2B business partners to 10,000 and reach monthly revenue of Rs 5 crore by March 2022.
Blume Ventures, Ramakant Sharma (COO- Livspace), and Inflection Point Ventures (IPV) led the new pre-Series A round. Glamplus helps and enables large, medium & small salons/spas to adopt technology and grow their businesses digitally.
Founded in July 2020 by Vatsalya Agarwal, Divyanshu Singh, and Rohan Singh, The startup has created a one-stop platform-salon CRM for managing customers, ERP for managing staff as well as enabled B2B marketplace compounded on the SAAS platform parallelly allowing to run any type of promotional offers/communication with D2C audience.
In a broader sense, Glamplus's AI-based CRM platform enables salon/spa owners to manage their operations and services end to end through an online web or android mobile app. This has helped them improve the overall salon experience for their customers and staff, the startup said.
Apart from this, The platform also allows to premiumize the salon owner's offering via B2B2C interaction to the end customer and also integrates scheduling appointments, generating digital invoices, offer promotional offers through Bulk SMS/Whatsapp & loyalty schemes for customers.
The salon owner can track the efficiency of the stylists, monitor revenue generation on a daily, weekly, and monthly basis, inventory management of products and services offered by the salon, it said.
According to Glamplus, the raised capital will be utilized in vertical tech SaaS capabilities along with the expansion of its B2B marketplace business. " New Funds will be utilized in enhancing tech capabilities, going deep in the marketplace segment, and driving growth along with efficiency. Our solution will create a complete digital ecosystem for salons and spas and help transform their lives," Divyanshu Singh, Co-Founder & CEO, Glamplus said.
Glamplus says it has scaled to 4,000 paying partners in less than 8 months across 6 cities -- Bengaluru, Delhi, Kolkata, Ahmedabad, Nagpur, and Pune. “Salon/Spa beauty industry is highly fragmented despite the presence of more than a million-plus salons in the country. We were clearly determined and destined to solve for this highly undeserved SMB market and creating a moat around it by going vertically deep, has also been recognized by our marquee investors," Divyanshu adds.
Speaking on the investment, Mitesh Shah, Co-Founder, Inflection Point Ventures, said: Glamplus has created an end-to-end B2B2C solution for salons, spas, and gyms which will help them to run their operations smoothly. Since January 2021, the company has successfully tied up with 4000 partners and plans to grow faster in the coming year. The fast pace growth trajectory clearly shows the need for this solution in the emerging market and IPV looks forward to extending their support in their journey.”
Anirvan Chowdhury, Vice President, Investments - Blume Ventures, added: “We have a strong thesis on vertical SAAS enabled marketplaces and believe that Glamplus has done a stellar job at solving a lot of friction in the workflow for salons/spas through their SaaS solution, which has enabled them to drive marketplace revenue at a rapid pace."
"When we met the team around a year back they had only a concept and in the past year they’ve not only built out a solid product but also in the 6 months since launch, they’ve been able to drive phenomenal growth while maintaining very strong retention numbers! 4000+ salons with 25 lakhs monthly SaaS revenue and 3Cr. monthly marketplace GMV in 6 months with a +ve CM1 is no mean feat, and we are super excited to be part of this journey," Anirvan adds.
According to the Indian Beauty & Hygiene Association (IBHA) report, the beauty and wellness market in India is expected to reach Rs 2,463.49 billion by 2024, expanding at a compound annual growth rate (CAGR) of ~18.40 percent during the 2019-2024 period.
India caters more than 1 million registered with 30% over and above unregistered. Glamplus aims to move the $200 billion SMB-dominated offline economy to a well data-driven engagement platform followed by a curated beauty order marketplace on the SaaS platform, it added.