IDC's South Asia head invests in beauty & wellness platform Stylofie

He will also Stylofie's Board and will mentor the Stylofie management team

Jaideep Mehta, managing director (South Asia) of IDC, has invested an undisclosed amount in Gurgaon-based beauty and wellness start-up Stylofie. He will also join Stylofie's Board and will mentor the management team.

In a statement, he said "Stylofie is scripting an exciting story in the beauty and wellness space. They have a unique model where they are intrinsic partners of the Salon and Spas in the country and provide them with bookings and insights into their daily operations, with solid unit economics from day one."

While most start-ups in this space are promoting the Salon at Home concept, Stylofie is set to disrupt the way consumption of beauty and wellness happens in the current model, which is a significantly larger opportunity, he said.

 

Beauty and wellness industry is estimated to be around $10.5 billion category, growing upwards of 20% annually and is expected to clock similar growth rates going forward, too.

Saurav, co-founder & CBO said "Mehta's investment is an endorsement of Stylofie's business model and growth prospects".

Stylofie is much more than e-platform for beauty industry and is working on providing a win-win platform for both as well as the beauty industry., he added.

"Analytics through technology is a key area where we are focused on, giving the best suited offers to our customers and giving relevant insights to our salon partners. Mentorship from Jaideep in this area will be of immense value for us." Saurav further adds.

Stylofie was launched in Gurgaon in September 2015 as an online marketplace for Beauty and wellness centers. It recently acquired its competitor Hyve in Bangalore, thereby onboarding 250 salons and a user base of more than 20,000 consumers.

Stylofie is now working on strong expansion and also raising their next round of funding.

Prateek Agarwal, Cofounder & CEO of Stylofie said the company is launching across Delhi NCR by end of this month and post that it will be raising Series A funding.

"We have seen an unprecedented growth pattern in the last few months and we are aggressively looking to expand pan India. We have the three most important ingredients in place- the right team, a terrific technology platform and consumer appetite for our services," he said.

The USP of Stylofie's business is that they are one stop solution for beauty services needs of customers who use apps.