Companies

Glamplus raises ₹2 cr in pre-Series-A funding round

Our Bureau Mumbai | Updated on May 24, 2021

Funding led by Inflection Point Ventures, an angel investment plan

Salon-focused SaaS platform Glamplus has raised ₹2 crore in a pre-Series A funding round led by Inflection Point Ventures, an angel investment platform.

The other investors in this round were 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). They had invested in their personal capacity, the company said in a statement.

Enhancement of product capabilities

Funds raised will be used for enhancement of product and tech capabilities and business expansion. The funds will also be utilised in scaling to 3,000 partners in the next 6 months along with vertical expansion of the business line, it added.

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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 are 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 its business in the process”.

Digitisation

Glamplus aims to digitise informal economy of salons, gyms and spas through an asset-light model and vertical integration like beauty products, hiring and easy loans. This is done to create one collective ecosystem to improve customer experience. With the help of the portal, partners can discover information of customers for upsell and better retention. This is a step towards organising the informal economy by standardizing the processes.

The startup has scaled to 500 paying partners in less than three months across three cities - Bengaluru, Delhi and Pune.

Published on May 24, 2021

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