India: StayGlad secures funds from Bessemer Venture, former CEO Lakme Lever

Visual from StayGlad website

On demand beauty services platform StayGlad has raised an undisclosed amount in Series A funding from Bessemer Venture Partners and Anil Chopra, former CEO of Lakme Lever, according to a statement.

StayGlad provides beauty and styling services to the customers at the convenience of their home and at reasonable price points.

With this investment, Chopra also joins the board of StayGlad.

The startup was founded earlier this year by three IIT Kharagpur graduates, Kavish Desai, Shashank Gupta and Prateek Jain, who were working with Flipkart, Adobe and Amazon respectively, prior to starting StayGlad.

“In a short period of time, we have been able to build a loyal customer base, which reflects in the 70% repeat orders every month. We have been growing 20% week on week, word of mouth and endorsement by our existing customers continue to be the biggest channel for consumer acquisition,” said Prateek Jain, CEO, Stayglad.

StayGlad claims that every beautician listed on its platform has 5-8 years of work experience and undergoes rigorous process and skill training before rendering final services. On the backend, the startup continue to employ technology to scale operations at a rapid pace.

“The beauty services industry is huge and growing at a rate of over 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,” Chopra said.

Earlier in June, the startup raised an undisclosed amount in angel funding from a group of investors including Tracxn Labs and Sahil Barua, co-founder of Delhivery.

“Demand for beauty services is at an inflection point in India. Add to this the convenience of the service being delivered at home and it creates a large market opportunity. The category is synonymous with high order values, high gross margins and predictable customer repeat behavior,” Raghav Bahl, from Bessemer Venture Partner, said.

The beauty and wellness space in India is fast catching the fancy of investors. Recently, beauty and wellness startup Stylofie raised $250,000 in seed funding from Hong Kong-based Swastika Company Ltd. Earlier this month, Info Edge Ltd, the owner of recruitment portal Naukri, acquired 25% stake in on-demand beauty services marketplace BigStylist for about $1 million.

Also Read: Naukri.com owner Info Edge picks 25% in beauty services marketplace BigStylist

Indian online beauty retailer Nykaa.com raises raises $9.5m from multiple investors

Stylofie raises $250k from HongKong’s Swastika

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.