Gurgaon based beauty and wellness startup, Stylofie, has acquired Hyvestyle in a part-cash and part-equity deal
. Hyvestyle is a mobile based platform to book appointments wellness services like Spa, haircut etc.
With this deal, the Bengaluru based startup- Hyve’s team will collaborate with Stylofie in its Gurgaon office. The founders will take an exit to pursue other interests. Hyve was founded in 2015 by NIT Allahabad alumni Piyush Rawat, Pratik Bhadkoliya, Ratnesh Neema, Nirmal Prasad, Mohit Nigam and Bharat Chudasama.
On the acquisition CEO of Stylofie quoted, “We thought it is better to collaborate than compete.This acquisition will help Stylofie in revamping its technology stack and also give a launchpad in Bengaluru and help us expand in south India.”
Stylofie was founded by Prateek Agarwal and Saurav Dey in June last year. The company works in the same field as Hyve and had raised $250,000 of seed funding from Hong Kong based company ‘Swastika’, in November 2015. They help customers find relevant salons, Spas, rate them and compare prices. The company has already collaborated with more than 100 outlets in less than an year with more than 100 percent growth month on month basis.
The company is planning to expand the platform geographically and collaborating with more service providers to bring customers to an ease.
In India, according to a report, the market size of skin care is Rs 62 billion, while the hair care market is at Rs 125 billion and is expected to show a growth of 30-35 percent.
Some of the potent competitors include Stayglad, Bigstylist and Bookmyspa. Last year November, Stayglad raised funds from Bessemer Venture Partners
and Anil Chopra (Ex-CEO of Lakme Lever), also Bigstylist raised $1 million from Infoedge; While Bookmyspa was acquired by Gomalon.
, Bessemer Venture Partners