Salon-focused SaaS platform Glamplus has drawn Rs 2 crore in pre-Series A round funding led by Inflection Point Ventures.
The new round funding also saw the participation from Angel investors like 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), who have invested in a personal capacity.
“Funds raised will be used for enhancement of product & tech capabilities and business expansion. The funds will also be utilized in scaling to 3000 partners in the next 6 months along with the vertical expansion of the business line,” Glamplus in its statement said.
Speaking on the investment in Glamplus, Mitesh Shah, Co-Founder, Inflection Point Venture says, “Salons, spa, and gyms form one of the largest portions 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.”
Commenting on the fundraise, Divyanshu Singh, Co-Founder, Glamplus said, “When we reached out to IPV, with such rich experience in the beauty and wellness segment, they were convinced of the market upside potential and how this segment will evolve further with deep tech SaaS. IPV not just identifies the market sizing for 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.”