Gurgaon-based beauty and wellness services marketplace startup, Stylofie, has acquired Hyve, a mobile-only marketplace in its domain, in a partly cash and partly equity deal.
With this, the business team of Hyve will be retained by Stylofie, whereas, the founding members will exit.
Bangalore-based Hyve was started in 2015 by NIT Allahabad alumni, Piyush Rawat, Pratik Bhadkoliya, Ratnesh Neema, Nirmal Prasad, Mohit Nigam and Bharat Chudasama. The co-founders had earlier worked for Rootwork, that focused on building apps.
After the acquisition, Hyve will soon be renamed to “Hyve – by Stylofie” and will eventually be merged with the company. The acquisition will help Stylofie revamp its technology stack and expand to a new geography while the customers of Hyve will get new and better features in the app.
Prateek Agarwal, co-founder & CEO at Stylofie said, “We needed a more scalable technology platform to cater to the ever growing needs of our tech-savvy customers. The business in Gurgaon has been growing rapidly too, almost 80-100% month-on-month while launch in Delhi & Noida was around the corner, and thus, there was no time to re-do the whole technology stack. Hyve, on the other hand, is a fundamentally strong application founded by a technology team that is very tech savvy.”
Stylofie was founded by MDI Gurgaon graduates, Prateek Agarwal and Saurav Dey along with Balaji Srinivasan, to help consumers discover salons/spas, read reviews, rate their services, compare prices and avail discounts for booking through its marketplace model. Presently, it has more than 100 premium salon/spa outlets listed on its platform with over 100% growth month-on-month basis.
In November 2015, Stylofie had raised $250K in seed round of funding in order to strengthen its technology stack and expand to Delhi.
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