Besides hyperlocal and food-tech, beauty & wellness space is gaining significant ground this year. After Vyomo, mobile and cloud-based technology startup - ManageMySpa has raised a $6 million Series A funding round led by Accel Partners.
The platform caters to the beauty and wellness industry. The venture will utilize the investment to accelerate sales & marketing and expand its mobile product offering.
Headquartered in Seattle, the company has offices in seven countries and has a customer base in 30 countries. The company has made a significant investment in the Indian market with clients, including Kaya Skin, Enrich Salons, O2 Spas, and Blush Clinics etc.
"We are confident in our ability to execute quickly and scale our growth. We have been able to meet the need for the beauty and wellness industry that has not been addressed by any other player yet. We have a proven product that scales for large businesses and have been able to dominate multiple markets. With Accel’s insights and investment, we’re poised for rapid growth,” says Sudheer Koneru, CEO and Founder, ManageMySpa.
ManageMySpa offers SaaS-based solutions to spas, salons, and medical spas. This solution is designed to manage all operational aspects of the spa and salon business such as online booking, appointment management, POS, CRM, staff management, inventory controls, built-in marketing, and analytics etc. The platform supports companies of all sizes from single outlet spas and salons to multi-location chains.
Talking about the investment in the venture, Accel Partners’ Shekhar Kirani, who has joined the ManageMySpa board of directors, says that Accel invests in companies with strong founding teams and a product that serves high-growth markets. “We believe that ManageMySpa is at a pivotal point in its growth trajectory and has all the competencies to become the leader in its space. We’re excited about the momentum the company has experienced so far and the growth of the wellness industry globally."
Market size and competition
Besides Managemyspa, Yuvraj Singh-backed Vyomo aims to create a complete solution for beauty professionals to manage and grow their business through a smartphone. Currently, Indian spa and salon space faces challenges like managing operations, dead inventory, and engagement with customers. And these challenges can largely be addressed via leveraging technology.
According to the KPMG wellness report, the beauty and wellness market in India in 2012-13 was estimated to be around Rs 41, 224 crores which is expected to touch Rs 80, 370 crores in 2017-18. Salon and spa operators of all sizes need modern tools to manage their business and meet evolving consumer demands.
Managemyspa, Mumbai-based Purplle, and Vyomo are targeting to grab a major pie of the aforementioned market. While Manegemyspa has established itself as a preferred destination for spa and salon operators globally, Vyomo and Purplle are new entrants and aspire to go global soon.
Importantly, unlike ManageMySpa and Purplle, Vyomo is a mobile-only platform and this is one of the strong differentiators of the Bengaluru-based company.
With $6 million capital bolster, Managemyspa will be in better position to spruce up its mobile offering and drive its growth in mobile-first countries like India. This space seems promising and it is open for more plays and we anticipate more startups will eye to crack $25 billion plus beauty & wellness market in the MENA region.
(With inputs from Jai Vardhan)