Recently launched investment fund YouWeCan Ventures, owned by Cricketer Yuvraj Singh has invested undisclosed amount in seed funding in a mobile phone-based beauty and wellness platform Vyomo.
Beauty and grooming is a $3 billion industry which is growing at CAGR of 15-20 per cent year-on-year. Aimed to replicate the taxi hailing apps model like Uber, Taxiforsure & Ola for salons, spas and stylists -- Vyomo, a mobile marketplace for Beauty and Wellness segment, raised an undisclosed amount in seed funding has been invested by Cricketer Yuvraj Singh’s YouWeCan Ventures.
Singh launched YouWeCan Ventures Technology earlier in this month, with an aim to support online startups and to encourage entrepreneurship. Through the fund, he plans to invest over Rs 50 crore in the healthcare, travel, hospitality, real estate and media sectors’ startup, over the period of 3-5 years.
Vyomo acts like an on-the-go search, discover, book, pay and rate platform for consumers. One can search salons and spas, based on current location, compare prices, read customer reviews and instantly book the service.
Nevertheless, for beauty salons and spa professionals, it acts like a SaaS based end to end salon management software that helps them grow and simplify their business by providing increased traffic, CRM, ERP, EPOS, Performance Management, Booking Management and Online Presence.
Commenting on the recent development, Singh said, “We would like to support empowerment of millions of beauty professionals and help them improve their lives and income, and be part of their personal milestones.”
Expectedly, the YouWeCan fund is expected to close 3-4 more investments in the coming months and further, is expected to raise about Rs300 Crore.
The Delhi based Vyomo plans to list about 5,000 spas and salons in Delhi-NCR, Mumbai, Bengaluru, Chennai and Dubai, and has plans to bring over one million stylists on the platform by 2017.
The startup is founded by London Business School graduates Abhinav Khare and Poonam Marwah, who have a strong team of LBS and IIM professionals.
Talking about the investment made by Singh’s new venture, one of the founders of Vyoma, Khare said, “Signing up with YouWeCan Ventures for securing our seed funding is an important milestone for the company that will allow us to scale up and expand to meet the demands of our global users.”
As per a leading business daily, Vyomo will compete with Mumbai-based Purplle.com that raised its Pre-Series A round led by IvyCap Ventures in January this year. It has tied up with more than 7,000 salons, spas; skin care and hair care chains across Mumbai.
Apart from being on the go search platform for spas and salons, it is also an eCommerce platform for online beauty and personal care products.
Image curtesy: Facebook