Funds raised in Pre-Series A round from Upsparks, Eagle10 Ventures, ITI Growth Opportunities Fund & Inflection Point Ventures
FinTech BizNews Service
Mumbai, January 10, 2024:: Glamplus, a SaaS enabled B2B Beauty Marketplace has raised appprox 16.5cr in a pre-series A round from Upsparks Capital, Eagle10 Ventures, ITI Growth Opportunities Fund and Inflection Point Ventures. The round also saw participation from Kube VC and other marquee investors including Gopal Krishna Varshney and IR capital partners. The funds will be directed towards B2B expansion in Tier I & Tier II cities and to venture into International markets.
Glamplus is a B2B marketplace that assists and allows small, medium and large salons/spas/retail beauty chains to adopt technology for running their day to day operations more efficiently. Glamplus specialises in a spectrum of services tailored to meet the diverse needs of their customer base. The Company has built a SaaS platform that offers state-of-the-art solutions to optimize efficiency and productivity of their consumers. Glamplus also provides offline & online supply of beauty products, professionals and personal care to chain of spas aiming for expansion and market entry into beauty product supply in beauty store, supermarkets.
Rohan Singh, Chief Operating Officer, Glamplus, says “We are on a path to profitability by Q1 24 by creating an impact and reaching small business like salon and beauty stores where they can avail higher fulfilment, faster deliveries and better pricing due to optimized supply chain with no middlemen. Our focus is also on providing quality, genuine professional products. We are also optimising our product supply & delivery experience.”
Mr. Mitesh Shah, Co-Founder, Inflection Point Ventures commented saying “What team size and cash on hand is needed to oversee business operations, manage inventory, handle customer relations, and maintain an online presence while balancing responsibilities as a small to medium-sized salon/spa owner? Recognizing this challenge, Glamplus offers a comprehensive solution by providing Employee Management, Appointments, Inventory, Expenses, Campaigns, and Analysis services. In an industry saturated with businesses of varying classes, from high-end to low-end, Glamplus creatively addresses a critical need that has long gone unanswered."
Mohit Gulati, Managing General Partner, ITI growth opportunities fund, says, “Being an early mover in the industry, Glamplus has helped automate salon workflow and minimise unorganised inventory procurement by providing better rates and quick delivery time. It currently hosts around 32 brands. The BPC market in India reached $26.3 billion in 2022 and is expected to reach $38.0 billion by 2028. Glamplus team is well versed in the salon space and have resiliently built the company’s business strategy from the ground up and are scaling operations successfully across cities. Glamplus is well-positioned to take on the B2B beauty market across India and the globe.
Glamplus is currently operational in Karnataka, Chhattisgarh and Odisha catering to clients from salons to small and medium sized beauty stores . The company recently launched a centralised warehouse to facilitate faster order processing, inventory management, and fulfilment, minimise shipping times and costs while ensuring quicker delivery to customers. The company has also designed efficient tools for optimization of delivery, better logistics plan and packaging development.
Glamplus pivoted into the Digital B2B beauty marketplace and has listed over 2000 SKUs registering a 12% growth annually. With over 30-member lean team, Glamplus has built a user base of more than 9500 beauty customer clients and over 6 lakhs B2C customers. It aims to cater to 1000 B2B beauty clients spanning from luxury salons to small sized parlours in the next 6 months
About GLAMPLUS
Glamplus (www.glamplus.in) is a SaaS enabled B2B Beauty Marketplace to create a one stop beauty solution in the $200bn economy of Salons, Spas and Gyms in APAC market. Headquartered in the heart of India's own Silicon Valley Bengaluru and founded in 2020, Glamplus has been a leader in the beauty and wellness space offering innovative solutions and services that have redefined industry standards worldwide
