SaaS-enabled marketplace startup Glamplus has raised $700,000 in a Pre-Series A round from Blume Ventures, Ramakant Sharma (COO- Livspace) and participation from existing investors IPV.
The funds raised will be utilised in vertical tech SAAS capabilities along with expansion of B2B marketplace business to scale to 10,000 partners and monthly revenues of Rs 5crore/month by this March.
Divyanshu Singh, Co-Founder & CEO, Glamplus said, “Salon/Spa beauty industry is highly fragmented despite presence of more than million plus salons in the country. We were clearly determined and destined to solve for this highly undeserved SMB market and creating moat around it by going vertically deep, has also been recognized by our marquee investors.Glamplus is a SaaS enabled curated B2B marketplace which helps and enables large, medium & small salons/spas to adopt technology and grow their businesses digitally."
Anirvan Chowdhury, VP, Investments - Blume Ventures said, “We have a strong thesis on vertical SAAS enabled marketplaces and believe that Glamplus has done a stellar job at solving a lot of friction in the workflow for salons/spas through their SaaS solution, which has enabled them to drive marketplace revenue at a rapid pace. When we met the team around a year back they had only a concept and in the past year they’ve not only built out a solid product but also in the 6 months since launch, they’ve been able to drive phenomenal growth while maintaining very strong retention numbers! 4000+ salons with 25 lakhs monthly SaaS revenue and 3Cr. monthly marketplace GMV in 6 months with a +ve CM1 is no mean feat, and we are super excited to be part of this journey.”
Glamplus has an AI based CRM platform, which enables salon/spa owners to manage their operations and services end to end through an online web or android mobile app.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “With the rise in disposable income and more women joining workforce in tier 1cities, beauty and wellness services have witnessed an upsurge. To cater to this rising need more efficiently, Glamplus has created an end-to-end B2B2C solution for salons, spas and gyms which will help them to run their operations smoothly.”
Glamplus has scaled to 4,000 paying partners in less than 8 months across 6 cities- Bengaluru, Delhi, Kolkata, Ahmedabad, Nagpur and Pune. Glamplus has grown from a team of 3 individuals to 40+members in less than 6 months. Founders understand the nerve of SMB salon/spa market really well which helped them in developing the product as per core needs of SMB market and thus creating immense stickiness for partners to engage on a regular basis.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU