StayGlad, an Indian mobile marketplace for on-demand beauty services, has announced it raising an undisclosed amount in Series A round of funding led by Silicon Valley-based VC firm Bessemer Venture Partners along with Anil Chopra, former CEO of Lakme Lever.
Run by Bengaluru-based Glow Prime Technologies, Stayglad is a platform that allows customers to get beauty, styling and ‘get ready’ services at their door step. It assists in discovering verified, trained, experienced and certified beauty service professionals that use standard styling procedures.
With the fresh funds, raised Stayglad plans to widen its operations and improve its technology backend. Chopra said, ” “Scaling a home salon service requires a completely different DNA and the team led by Prateek has shown a lot of promise. The online factor and convenience of having these services at home will be a big game changer for the industry and customers.”
Regarding the traction, one of the co-founder Prateek Jain said, ” “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 continues to be the biggest channel for consumer acquisition. On the backend, we continue to employ technology to scale operations at a rapid pace.”
“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 behaviour,” said Raghav Bahl, vice president of Bessemer.
Nearly 60% of the startups in the on-demand beauty space had secured seed funding. But StayGlad is the only one to raise Series A in the vertical.