Info Edge Ltd, the owner of recruitment portal Naukri, has acquired 25% stake in on-demand beauty services marketplace BigStylist for about $1 million (Rs 6.4 crore), said a report in The Economic Times.
Founded by IIT-Kharagpur graduates Richa Singh, Anurag Srivastava and Chinmaya Sharma in July this year, the Mumbai-based start-up is also in talks with investors to raise about $5 million in a funding round, the report added.
BigStylist is an on-demand marketplace for beauty professionals, and its services can be availed via the company’s website or Andrioid app on smartphones. The start-ups claims to have served more than 3,000 customers in Mumbai since its launch, and plans to expand its services to a few other big cities including Bengaluru by March next year.
With this deal with Info Edge, BigStylist aims to cash in on the fast growing beauty and wellness services market in India.
Recently, another start-up in similar space MyGlamm raised $15 million in second round of funding from US-based PE player Tano Capital. In June, Housejoy, which operates Beautyjoy, raised $4 million in Series A funding from Matrix Partners to scale-up its operations.
Info Edge in the past has been quite active with investments in early stage companies, start-up ventures to tap into the growing and vibrant Indian e-commerce market. Currently, the company has investments in e-commerce marketplaces including Zomato, Meritnation, Policybazaar, Mydala, and Happily Unmarried.