Vyomo, an on-demand beauty and wellness platform startup, has received an undisclosed amount as seed funding from TaxiForSure co-founder Aprameya Radhakrishna. This is Radhakrishna’s maiden investment following his exit from TaxiForSure, which was taken over by rival Ola in March this year for $200 million.
Founded by London Business School graduates Abhinav Khare and Poonam Marwah, Vyomo is a mobile app that aggregates salons, spas and stylists on its platform.
Cricketer Yuvraj Singh’s fund YouWeCan Ventures invested in the venture last month. It didn’t disclose the investment amount though.
“Like the online groceries market, the beauty and wellness industry is ripe for disruption. We expect people to spend more on beauty and healthcare products in the coming days, and the industry is likely to grow to $ 6-8 billion by this year end. I see the team way ahead of the competition, and hence my decision to invest,” Radhakrishna said.
Radhakrishna, who is on the advisory board of Vyomo, said the money invested would be used for product development and team ramp-up.
Vyomo is currently operational in Bangalore, Mumbai, Delhi- NCR and Dubai. It plans to expand to another 10 cities by 2015 and to about 22-25 cities by 2016.
“Our primary focus will be on the Indian market for the next two years. The company is looking for VC funding and will be able to raise Series A in another four months,” Poonam Marwah, co-founder of Vyomo, told FE.
According to a report by KPMG, the beauty and wellness industry in India will be valued at $13 billion by 2017.