Speaking about the venture, Prateek Agarwal Co-Founder & CEO of Stylofie said, “We are all set for a tectonic shift in the beauty and wellness market. We are launching across Delhi NCR by end of this month and post that we will be raising our 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 3 most important ingredients in place- the right team, a terrific technology platform and consumer appetite for our services. We are excited to have someone like Jaideep mentor us, as we embark on this long and exciting journey.”
The USP of Stylofie’s business is that they are one stop solution for beauty services needs of customers who use apps. They are able to discover premium and mass premium salons/spa around them, look at their complete rate cards, compare various outlets and see their genuine ratings. All this is coupled with option of booking the appointment right there, with Stylofie team managing the appointment for the customer. The icing on the cake is that the customers get discounts across the board on all services for these salons, right away.
Recently, Jaideep Mehta, MD- South Asia, IDC has invested an undisclosed amount in Stylofie and he will be joining Stylofie’s board of directors and will mentor the Stylofie management team.
Speaking on the investment Mehta 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.”
It has also acquired its competitor Hyve in Bangalore, thereby on-boarding 250 salons and a user base of more than 20,000 consumers.
Commenting on the development Saurav Co-Founder & CBO said, “We are delighted to have Jaideep join us as a mentor. He brings a lot of passion, critical thinking and deep intellectual depth to the board. His investment is an endorsement of Stylofie’s business model and growth prospects”.
For salons, it’s a win-win as well, as they get assured bookings, since the customer has already made the payment, leading to cancellation rate of less than 4 percent for Stylofie. On top of it, they send a significant amount of footfalls from their portal to these salons on weekdays, as compared to weekend, thus helping them to start solving the weekend rush issue.
“Our advanced algorithms leverage real time analytics to provide the best offers and dynamic pricing for the customer and also let us maximize revenue for the Salon partners. Hyve has given us a superior app platform and a foothold in the Bangalore market. We are right now integrating our best of breed features and soon we will be launching upgraded versions of the Android, IOS and website in the market”, concluded Balaji Co-Founder & CTO.
