Jaideep Mehta Invests In Beauty & Wellness Startup Stylofie

Gurgaon-based beauty and wellness services marketplace startup, Stylofie, has raised an undisclosed amount of funding from Jaideep Mehta, MD- South Asia, IDC.  With this, Mehta will join Stylofie’s board of directors.

Stylofie helps consumers discover salons/spas, read reviews, rate their services, compare prices and avail discounts for booking through its marketplace. Presently, it has more than 250 salon/spa outlets listed on its platform, and a user base of more than 20,000 consumers. It was founded in September 2015 by Prateek Agarwal, Saurav Dey and Balaji Srinivasan.

Talking about the development investor Jaideep Mehta said, “While most startups in this space are promoting the ‘Salon at Home’ concept, I can see that Stylofie is set to disrupt the way consumption of beauty and wellness happens in the current model, which is a significantly larger opportunity.  Beauty and wellness is a $10.5 Bn category, growing upwards of 20% y-on-y and with increasing affluence and beauty consciousness in India, this rate is unlikely to slacken.”

Stylofie is set for a tectonic shift in the beauty and wellness market and its services will be launched in Delhi NCR by end of this month. The team is eyeing pan-India expansion by the end of this year.

Prior to this in January 2016, Stylofie acquired Bangalore-based Hyve, a mobile-only marketplace in its domain, in a partly cash and partly equity deal. Also, in November 2015, it raised $250K in seed round of funding from Hongkong-based company Swastika.

Other players in this segment include Gurgaon-based wellness chain Gajty that received undisclosed amount in seed round funding from the US-based venture capital firm Purvi Ventures; Vyomo that recently raised seed funding from Yuvraj Singh’s YouWeCan, and Stayglad that raised an undisclosed amount in angel round of funding from Tracxn Labs and few others.

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